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Former Minister of Communications, Innovation and Digital Economy, Professor Isa Ali Ibrahim Pantami, has urged Islamic financial institutions to take the lead in shaping the global digital economy through ethical and inclusive financial practices.
Pantami made the call while delivering a keynote address at the Annual Conference of the Nigeria Muslim Forum UK (NMFUK), themed “Ethical Digital Economy: The Future of Community-Centred Islamic Digital Banking.”
He noted that the principles of Islamic finance are fairness, transparency, accountability, and protection of the vulnerable, aligned seamlessly with the ethical standards required in the rapidly evolving digital landscape.
The former minister added that by integrating technology with ethical finance, Islamic banks can drive sustainable growth, expand financial inclusion, and set global standards for responsible digital innovation.
“Islamic banking is not just for Muslims, but for humanity,” Pantami said, highlighting that 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.
He noted that 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 world’s financial landscape is being redefined by digital transformation, Pantami insisted that Islamic banking must not lag behind.
“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.”
He urged policymakers, scholars, and financial institutions to invest heavily in creativity and research to build robust ethical digital banking systems.
According to Pantami, fusing technology with Islamic finance presents a rare opportunity to reshape global banking along more humane and inclusive lines.
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Rabiu M. Hamza
