ALGIERS, Algeria, May 20. A global expansion of Islamic finance can only be sustained through robust legal, regulatory, and institutional ecosystems, said Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank Group (IsDB), Trend reports.
The chairman made this remark during his address at the opening of the Global Forum on Islamic Finance, held as part of the annual meetings of the Islamic Development Bank (IsDB) under the theme “Digital Transformation and Financial Inclusion in Islamic Finance.”
"In today's rapidly evolving world, digital infrastructure is no longer optional. It is indeed essential. From mobile banking and remote villages to artificial intelligence and regulatory compliance, technology is redefining the future of finance. But this raises a fundamental question. Will this transformation truly deliver on its promises? At the Islamic Development Bank Group, we believe that Islamic finance, guided by morality, productivity, and social justice, must lead the way. The goal is not simply to digitize our institutions but to reimagine them through the lenses of maqasid ash-shari'ah, which upholds human dignity and fosters real economic development,” he said.
Al Jasser underscored that the global growth of Islamic finance hinges on building a sturdy foundation grounded in trust, accountability, and a genuine dedication to the greater good.
"The integration of Islamic finance into the digital economy holds tremendous promise, from Sharia-compliant supply chains and payment gateways to cloud-based microfinance and AI-driven credit tools. These innovations can open new horizons for financial inclusion, particularly for underserved communities.
Yet to realize this potential, we must build the foundations of secure and reliable digital infrastructure, responsive governance frameworks, and institutions prepared to regulate with wisdom and foresight,” he added.
He also highlighted the rapid ascent of Islamic fintech, which is really gaining steam.
“With around 500 Islamic fintech firms worldwide and a projected market size exceeding $300 billion by 2028, the momentum is undeniable. Through initiatives like our inaugural AI hackathon in Islamic finance, we are witnessing how frontier technologies can enhance transparency, strengthen Sharia compliance, and improve governance.
Just as we align in our ambitions, we must strive for legal and regulatory harmonization while respecting the unique context of each nation. Distinguished guests, let me conclude by reaffirming our shared vision, a future where Islamic finance empowers people, accelerates innovation, and delivers sustainable development ethically, digitally, and inclusively,” Al Jasser concluded.
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