Former Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, has called on Islamic financial institutions to take the lead in shaping the global digital economy, noting that the ethical foundations of Islamic banking align seamlessly with the demands of modern finance.
Pantami made the call in Manchester on Sunday while delivering the keynote address at the Annual Conference of the Nigeria Muslim Forum, United Kingdom (NMFUK), themed “Ethical Digital Economy: The Future of Community-Centred Islamic Digital Banking.”
He said the values that underpin Islamic finance—fairness, transparency, accountability, and protection of the poor—represent universal principles that can guide sustainable financial growth.
“Islamic banking is not just for Muslims, but for humanity,” Pantami said. “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.”
Citing a study conducted in Indonesia, the cybersecurity professor revealed that non-Muslims were among the most loyal customers of Islamic banks due to their transparency, flexibility, and moral clarity. According to the findings, 66 percent of respondents believed Islamic banking was suitable for both Muslim and Western societies, while 65 percent said it offered greater benefits than conventional banking.
Pantami emphasized that as global finance continues to be transformed by technology, Islamic financial institutions must not remain on the sidelines.
“The digital economy is the fastest-growing economy in the world today,” he said. “Islamic banking should be part of this growth, offering a more equitable and transparent system that serves everyone, not just a privileged few.”
He further urged policymakers, scholars, and financial leaders to invest in innovation and research to develop strong digital infrastructure for Islamic finance. Integrating technology with ethical financial principles, he said, could reshape the global banking system to become more humane, inclusive, and sustainable.