Professor Isa Ali Ibrahim Pantami has called on Islamic financial institutions to play the lead in driving the global digital economy growth, stressing that the ethical principles of Islamic banking are perfectly aligned with the rapidly evolving financial world.
Pantami delivered a keynote address in Manchester on Sunday at the Annual Conference of the Nigeria Muslim Forum, United Kingdom (NMFUK), on the theme: “Ethical Digital Economy: The Future of Community-Centred Islamic Digital Banking.”
The ex-Minister of Communications and Digital Economy emphasized that the Islamic banking model stands for fairness, transparency, accountability, and the protection of the poor—values that resonate universally.
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“Islamic banking is not just for Muslims, but for humanity,” he noted. “Its foundations are built on ethics and justice rather than interest or exploitation. It is a system rooted in fairness and accountability, one that safeguards human dignity, while promoting sustainable development.”
Pantami drew attention to a study conducted in Indonesia, which revealed that non-Muslim customers were among the most loyal patrons of Islamic banks due to their transparency, flexibility, and moral clarity.
The former minister said 66% of those interviewed agreed that the Islamic banking system was appropriate for both the Muslim and Western worlds, while 65% acknowledged that it offers more benefits than conventional banking.
Observing that the financial landscape across the globe is being redefined by digital transformation, the professor of cybersecurity insisted that Islamic banking must be at the forefront of the advancement.
“The digital economy is the fastest-growing economy in the world today,” he stated. “Islamic banking should be part of this growth, offering a more equitable and transparent financial system that serves everyone, not just a few.”
Pantami urged policymakers, scholars, and financial institutions to heavily invest in creativity and research to build robust digital banking systems, as fusing technology with Islamic finance would a reshape global banking along humane and inclusive lines.
