Former Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, has urged Islamic financial institutions to take the lead in shaping the global digital economy.
He highlighted that the ethical values of Islamic banking align perfectly with modern financial systems.
Pantami made this call in Manchester, United Kingdom, while delivering the keynote address at the Annual Conference of the Nigeria Muslim Forum (NMFUK).
Also, the event focused on “Ethical Digital Economy: The Future of Community-Centred Islamic Digital Banking.”
He explained that Islamic banking is built on fairness, transparency, accountability, and compassion for the poor — values that serve humanity, not just Muslims.
“Islamic banking is not just for Muslims, but for everyone,” Pantami said.
“It is based on ethics and justice, promoting fairness and sustainable development instead of exploitation.”
Pantami cited a study from Indonesia, which found that many non-Muslim customers prefer Islamic banks for their transparency and moral clarity.
According to him, 66% of respondents believed the Islamic banking model suits both Muslim and Western societies, while 65% said it offers greater benefits than conventional systems.
He noted that as the digital economy continues to grow globally, Islamic banks must actively participate in driving this transformation.
“The digital economy is the fastest-growing in the world today. Islamic banking should lead this progress by creating a fairer and more inclusive financial system,” Pantami said.
He also urged policymakers, researchers, and financial institutions to invest in innovation and technology.
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Also, he stresses that merging Islamic finance with digital solutions would help redefine global banking on ethical and inclusive principles.
