The First Shariah Compliant Metaverse Launches on Algorand

The First Shariah Compliant Metaverse Launches on Algorand

In a recent Twitter statement, IBF Net unveiled new developments to its ecosystem. In addition to being the first Shariah-compliant Metaverse on any blockchain, IBF Net has established Netverse (, the world’s first Metaverse on the Algorand blockchain. Netverse is anticipated to play a significant role in the Islamic world’s journey toward digitization.

In many respects, Netverse is exceptional. Through its Netversity initiative, which provides a wide variety of courses anybody may take anywhere, Netverse will contribute to social good in addition to providing entertainment and opportunities for social engagement, according to IBF.

What does the new update entail?

As per Mohammed Alim, CEO of IBF Net Group, IBF Net has been focused on organic growth in the membership of its IBFNex network (, a portfolio of blockchain-based platforms serving the philanthropic, non-profit, and for-profit sectors that make up a small Islamic economy. IBFNex will now be a part of the Netverse as well. “After spending a long time at approximately 5,000 members, the network has seen a rise in membership of over 600 percent over the previous two years and is on course to break the threshold of 50k (fifty thousand) by mid-2023,” said Alim.

IBF Net is putting up a Governance Council of professionals, early adopters from the academic community, and Shariah experts from the Islamic financial services business to democratize its efforts further. As Dr. Mohammed Obaidullah emphasized that everyone is welcome to attend.

What should follow?

IBF Net will unveil a transparent online procedure once it achieves its goal of 50k members. Once this is done, members will pick out Commissioners to various Panels aimed at different facets of the IBF ecosystem, including cross-cutting topics like Shariah governance, technology, and regulation as well as commercial banking, investment banking, zakat, insurance, and awqaf. These Commissioners will be crucial in the learning and promotion-focused programs and activities, such as conferences, publications, prizes, and scholarships in collaboration with academic institutions and businesses.

“We are eager to observe Netverse’s good effects on the IBF ecology in the Islamic world and elsewhere. Join us as we open the door to a digital future that is more democratic, inclusive, and socially responsible.” Concluded Doctor Obaid

This development comes after Huawei expressed its positive stand on the Metaverse, outgrowing other spaces and becoming the future of gaming. With the many developments flocking the space daily, Metaverse is expected to grow to great heights this year.


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