IBF Net Unveils the World’s First Shariah-Compliant Metaverse

IBF Net Unveils the World’s First Shariah-Compliant Metaverse

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The world’s first Algorand-powered experiential, immersive, and halal internet, IBF Net, unveiled Netverse, the world’s first Shariah-compliant Metaverse. Netverse is anticipated to be significant in the Islamic world’s digitalization movement.

Several Islamic countries that view the creation of a halal ecosystem as a matter of policy have also noticed the trends. IBF Net’s Netverse Metaverse plans to take advantage of this new situation. Through its Netversity project, which offers a wide variety of courses anyone can take anywhere, Netverse will contribute to social good and provide entertainment and opportunities for social interaction.

According to Mohammed Alim, CEO of IBF Net Group, IBF Net has also been concentrating on organic growth in the membership of its IBFNex network, a collection of blockchain-based platforms serving the philanthropic, non-profit, and for-profit sectors that together make up a small Islamic economy. Now, IBFNex will also be a part of the Netverse.

“The network has experienced a growth in membership of over 600 percent during the last two years after hovering around 5k for a long period and is on track to cross the threshold of 50k (fifty thousand) by mid-2023”, said Alim.

IBF Net is establishing a Governance Council of early adopters from the academic community, professionals, and Shariah scholars from the Islamic financial services industry to democratize its efforts further. As the IBF Net Group’s Founder, Dr. Mohammed Obaidullah, stated that anyone is welcome to attend.

“We need your support and cooperation in democratizing and expanding the IBF Net community. There are no membership fees or hidden fees for participants joining the Board. The conditions are to fill out the form to participate,” said Dr. Obaidullah.

IBF Net will launch a transparent online process once it reaches its goal of 50k members, during which members will elect Commissioners to various Panels focused on different facets of the IBF ecosystem, including cross-cutting topics like Shariah governance, regulation, and technology, as well as commercial banking, insurance, investment banking, zakat, and awqaf.

These Commissioners will be crucial to the learning and promotion-focused initiatives, such as conferences, publications, awards, and scholarships in collaboration with academic institutions and businesses.

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