Pantami urges Islamic banks to lead digital economy

Former Communications Minister Isa Ali Ibrahim Pantami has urged Islamic financial institutions to lead the expansion of the digital economy, arguing that their ethical framework suits modern finance. Speaking on Sunday at the Nigeria Muslim Forum’s annual conference in Manchester, he said Islamic banking serves all people through its emphasis on fairness and transparency rather than exploitation.

Research from Indonesia found that non-Muslim clients ranked among the most devoted users of Islamic banks due to their clear operations and moral standards. The study found that 66 percent of respondents viewed the system as suitable for both Muslim and Western societies, while 65 percent recognized its advantages over traditional banking.

Pantami, a cybersecurity professor, said digital transformation is reshaping global finance and Islamic institutions must help drive this change. He called their model one that protects human dignity while enabling sustainable growth for communities worldwide.

The former minister asked officials, academics and banks to fund innovation and research for stronger digital platforms. Combining technology with Islamic finance principles could rebuild global banking around fairness and broader access, he said.