IBF Net has unveiled the world’s first Shariah compliant metaverse as part of its ambitious efforts to digitalize the Halal economy.
Known as Netverse, it is also the first metaverse to be built on the Algorand blockchain.
Last year, IFN Fintech reported that IBF Net was working on launching a Halal metaverse which will comprise of two pillars in the initial stage: a metaverse for learning and another as a marketplace. The metaverse is part of the Dublin-based company’s flagship project of developing and hosting blockchain platforms, use cases as well as build a miniature Islamic economy.
The firm’s IBFNex network, a portfolio of platforms on the blockchain that make up a miniature Islamic economy, will also reside in the Netverse.
“The network has experienced a growth in membership of over 600% during the last two years after hovering around 5,000 for a long period and is on track to cross the threshold of 50,000 by mid-2023,” according to Mohammed Alim, CEO of IBF Net Group.
It is learned that the group is working on setting up a governance council, which will comprise academics, professionals and Shariah scholars from the Islamic finance industry.
“Once the targeted 50,000 membership is reached, IBF Net will initiate a transparent online process through which members will elect commissioners to various panels dedicated to specific components of the Islamic banking and finance ecosystem, such as commercial banking, insurance, investment banking, Zakat, Waqaf, non-profits, development finance, and cross-cutting areas like Shariah governance, regulation, and technology,” explained IBF Net. “These commissioners will play an important role in the programs and activities aimed at learning and promotion, including seminars, workshops, conferences, publications, awards, and scholarships in partnership with universities and corporates.”