At UK Conference: Prof Pantami Urges Islamic Banks to Lead Global Digital Economy with Ethical Finance
Former Nigerian Minister of Communications, Innovation and Digital Economy, Professor Isa Ali Ibrahim Pantami, has called on Islamic financial institutions to take a leading role in driving the growth of the global digital economy. He stressed that the ethical principles of Islamic banking are perfectly aligned with the demands of today’s rapidly evolving financial world.
Pantami delivered the keynote address at the Annual Conference of the Nigeria Muslim Forum UK (NMFUK), speaking on the theme: “Ethical Digital Economy: The Future of Community-Centred Islamic Digital Banking.”
The former minister emphasized that the Islamic banking model stands for fairness, transparency, accountability, and the protection of the poor—values that resonate universally.
“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.