Revolutionizing the Islamic World: First Shariah-Compliant Metaverse Launches

Netverse will contribute to social good through its Netversity project, which offers a wide range of courses that can be taken by anyone, anywhere.

IBF Net has launched Netverse, the world’s first metaverse on the Algorand blockchain, which is also the world’s first Sharia-compliant metaverse on any blockchain. Netverse is expected to be a significant contributor to the digitalization movement in the Muslim world.

According to global investment bankers such as Goldman Sachs and Morgan Stanley, the size of the metaverse opportunity is predicted to be in the range of $8-10 trillion. These trends are also being observed in several Islamic countries, which see the development of a Halal ecosystem as a political imperative. IBF Net’s Netverse aims to capitalize on this emerging scenario.

Beyond the fun and social interaction, Netverse will contribute to social good through its Netversity project, which offers a wide range of courses that can be taken by anyone, anywhere.

Mohammed Alim, CEO of IBF Net Group, said that IBF Net has also focused on organic growth in the membership of its IBFNex network, a portfolio of platforms on the blockchain that serve the philanthropic, non-profit, and for-profit sectors that make up a miniature Islamic economy. IBFNex will now also reside within the Netverse. “The network has seen membership growth of over 600 percent in the last two years, after hovering around 5,000 for a long time, and is on track to cross the 50,000 (fifty thousand) threshold by mid-2023,” says Alim.

To further democratize its efforts, IBF Net is in the process of establishing a Governance Council comprising early movers from academia, professionals, and Shariah scholars from the Islamic financial services industry. Dr. Mohammed Obaidullah, the founder of the IBF Net Group, added that the invitation was open to all.

“We need your support and cooperation to democratize and expand the IBF Net community. There are no membership fees or hidden charges for participants to join the board. The conditions are simply to fill out the form to join,” added Dr. Obaidullah.

Once the target of 50,000 members 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 IBF ecosystem, such as commercial banking, insurance, investment banking, zakat, awqaf, non-profit organizations, development finance and cross-cutting areas such as Shariah governance, regulation, and technology.

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 companies.