In yet another move toward its Islamic metaverse ambition, IBF Net Group has launched Credence, a platform enabling the creation of Shariah compliant digital assets using non-fungible tokens (NFTs) on Algorand.
The for-profit blockchain-powered platform preserves tangible and intangible assets through transparent, verifiable, traceable and immutable digital records of ownership in the form of NFTs while providing for automatic implementation of contractual relationships using smart contracts.
“A platform like Credence is an integral part of the ethical and Islamic digital ecosystem, since it addresses some basic pain points related to trust deficit. It enables creation of a smart system by curbing the actions of bad actors in a multitude of use cases,” explained Mohammed Alim, CEO of IBF Net Group. “Since the IBF Net community at present largely comprises students, researchers and professionals interested in the fields of Islamic business, finance and technology, the use cases will initially focus on the needs of this community.”
An example would be student preserving their certificates and records of achievement on the blockchain in the form of tamper-proof NFTs that can be accessed by any external employer or interest entity at any time.
“Shariah contracts that are not legally backed in certain countries can be formalized using Credence. It fills the gaping hole of trust deficit that currently exists in the system between parties engaging in Shariah nominate contracts that can range from social contracts like marriage and divorce to financial contracts like sale, lease, partnership etc. Credence can help organizations like Waqf boards in such countries to document, manage, and bring transparency in the dealings with regards to their assets by having them all preserved on the blockchain,” noted the group.
The launch of Credence follows the setting up of a center of excellence in the Indonesian capital of Jakarta last month. It is learned that IBF Net intends to bring to market another platform, Affluence, before the end of March.
“This platform is essentially an extension of Credence that will provide for a marketplace for NFTs where sellers can offer their NFTs either at a known price or via an auction mechanism. The platform will also provide a unique interest-free borrowing-lending (Qard) facility through which buyers can seek financing for new purchases by offering their existing holdings as collateral,” said IBF Net.