IBF Net Launches World’s First Sharia Metaverse

IBF Net has launched the Netverse virtual world on the Algorand blockchain, which is supposed to be the world’s first Sharia-compliant metaverse.

IBF Net Group CEO Mohammed Alim told reporters that the company will focus on growing the number of participants in its metaverse by promoting charitable, non-profit and commercial projects on the platform that are consistent with the principles of Islamic economics. The creators expect that by mid-2023 the number of active users of the metaverse will approach 50,000 people.

Mohammed Alim stated that once the Netverse audience exceeds this target threshold, the platform will initiate elections of authorized persons to lead the commissions that manage the components of the metaverse ecosystem.

The Institute of Metaverse Managers of the IBF will determine the work of the financial component of the project and the direction of training programs, including seminars, workshops and conferences. In addition, the competence of the members of the commissions will include the functions of Sharia supervision and regulation of the activities of the entire platform.

For active participation in the activities of the platform, IBF Net plans to encourage users by accruing on-net cryptocurrency — IBFX — to their accounts. IBFX tokens are currently pegged to the US dollar at a ratio of 1:1.

Earlier, for the sake of Warba Bank, a Kuwaiti corporation announced the launch of its own projects in the Sandbox and Decentraland metauniverses to promote virtual services among teenagers and millennials from Islamic countries.