Translated from Ustadz Firanda Andirja's Indonesian commentary (Bekal Islam). Quoted verses, hadith and duas keep their Arabic; where the commentary gave its own Indonesian rendering of them, that rendering is not translated and is marked [translation not shown].
Whoever says this dhikr with full conviction will taste the sweetness of faith. The Prophet said:
ذَاقَ طَعْمَ الْإِيمَانِ مَنْ رَضِيَ بِاللهِ رَبًّا، وَبِالْإِسْلَامِ دِينًا، وَبِمُحَمَّدٍ رَسُولًا
[translation not shown] (Narrated by Muslim, no. 34)
The meaning of "being pleased with something" is contentment (qana'ah), feeling that it is enough and being satisfied with it, so that there is no need to look for anything else (see Al-Minhaaj Syarah Shahih Muslim, 2/2).
The meaning of this dhikr is: I have no need to seek any god or object of worship other than Allah. Truly, Allah alone is worshipped, because He alone has given every favour that I enjoy. Nor do I need to seek any other religion, because Islam is enough for me; its rules are perfect and beautiful and cover every aspect of life. It is not like other religions, whose rules are incomplete, often contradictory (conflicting with one another), and do not cover every aspect of life. And I am pleased with Muhammad as my Messenger: I submit to all his rulings and statements, and I am certain of the truth of all of them without the slightest doubt.
REFERENCE
Quoted as the source gives it, in Indonesian.
(4)HR. Ahmad 18967 dan At-Tirmidzi 3389, dan dinyatakan oleh para pentahqiq al-Musnad : Shahih li ghoirihi.