Islamic Business and Finance Network (IBF Net) has announced preparation to launch the metaverse of its small business following successful launch of several platforms to ease the deals in a humanitarian, non-governmental section of Islamic economy.
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The innovation is the first of its type in metaverse, technology to launch a market which guarantees higher levels of support for both the customer and investor in line with the ideological system of Muslims making more than a fourth of the world population.
The innovation is also one of the few metaverses based on Algorand which is developing and is entirely backed by Algorand Foundation.
The idea of Islamic metaverse was first proposed in a post by IBF Net and was set on the agenda of the research center launched by IBF Net.
The project includes launching a metaverse which maintains the special ideological, cultural and legal conditions in the Southeast Asia. If metaverse is defined as a three dimensional cyber space which enables people to interact, create assets, play games, work and cooperate with each other, then the aforesaid factors play key roles in defining its form.
For instance Muslims comprise 1.8 billion people across the globe, 240 million of which live in Southeast Asia. The guidelines of Islam, known as Sharia, have considerable impact on behavioral aspect in metaverse.
According to manager of IBF Net, the project is following two objectives, first is creating an open space for acquiring and sharing knowledge free from temporal and spatial limitations.
Second is to pursue an open market for trading in much higher levels and as a result providing considerable support for the customers and investors.
This system turns the Islamic economy developed by IBF Net in smaller scale and is a centralized system based on the society to an open system with various better features available in metaverse.
Since the concept has received different reactions, success of the project is assessed based on its acceptability among followers of Islam. The program intends to increase adaptability of the project with Sharia and show how metaverse can benefit Muslim communities.
Meanwhile the solution is beyond an educational space and a super market that pursues the models based on Blockchain. In it the units will turn into tools to save the values or transfer them to other technologies in a form of wealth.
Answering a question on the unique features of the innovation, Alam called that the only developing metaverse according to Sharia which promotes the idea of a small Islamic economy to a metaverse. This shows how metaverse can create better markets in regards to efficiency and functional work and that how metaverse can create more humane systems with much higher levels of support for the customer and investor.