Ibn ʿAbbās (may Allah be pleased with them both) reported: “Hasbunā-llāhu wa niʿma al-wakīl (Allah is sufficient for us, and what an excellent guardian).” Abraham—peace be upon him—pronounced it when he was cast into the fire, and Muhammad ﷺ pronounced it when people said to him, “Indeed, the people have gathered against you, so fear them,” yet it only increased them in faith and they replied, “Allah is sufficient for us, and what an excellent guardian.” (1) Āl ʿImrān 3:173. The tradition is recorded by al-Bukhārī and al-Nasāʾī.

“Hasbunā Allah” means: He alone suffices us, so we place our trust in none but Him.
“Niʿma al-wakīl” means: the One to whom His servants entrust their affairs.

Overall meaning of the report: ʿAbd Allah ibn ʿAbbās—may Allah be pleased with them both—relates that this majestic phrase, “Hasbunā Allah wa niʿma al-wakīl,” was uttered by the two close friends of Allah, Abraham and Muhammad—peace be upon them both—during two perilous ordeals inflicted upon them by their peoples. When Abraham called his people to worship Allah alone, they refused; after he smashed their idols, they sought revenge, heaped up firewood, ignited a massive blaze, and catapulted him into its midst. At that moment he said the phrase, whereupon Allah said to the fire, “Be coolness and safety for Abraham” (al-Anbiyāʾ 21:69). Likewise, when Quraysh sent word to Muhammad ﷺ threatening, “We have mobilised to march against you and your companions to annihilate you,” he responded with this exalted expression: “Hasbunā Allah wa niʿma al-wakīl.” Allah then revealed: “So they returned with grace and bounty from Allah; no harm had touched them” (Āl ʿImrān 3:174).

Relevance of the report to the chapter: it shows that this expression epitomises entrusting one’s affairs to Allah