Metaverse by IBF Net set to create a halal ecosystem
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Foreign News
@ Halal | JULY-AUGUST . 2023
Enhancing digital experience
Metaverse by IBF Net set to create a halal ecosystem
IBF Net Group , which created the world ’ s first Shariah-compliant metaverse on the blockchain , has announced a significant expansion fueled by its recent initial crypto offering . The award-winning project is all set to create new halal parks and innovative platforms on the blockchain , leveraging its unique position as a digital solutions developer in Islamic business , finance and technology .
Led by Dr Mohammed Obaidullah , a former lead research economist with the Jeddah-based Islamic Development Bank Group , an OIC affiliate , the company aims to use blockchain and immersive technologies to address the unique development issues of the Islamic world .
The blockchain-based platforms launched by the IBF Net Group so far have made significant strides in revolutionising various sectors . Its IBFNEX initiative aims to create a miniature Islamic economy on the blockchain .
In line with the trichotomy of a halal economy - into philanthropy-driven , notfor-profit and for-profit sectors , the IBFNEX platforms facilitate seamless donation and volunteering , ensure the preservation and authentication of valuable records ( such as endowment deeds ) and enable a for-profit exchange of digital assets through NFTs , while providing for leveraged purchases backed by digital collaterals .
The NETVERSE represents IBF Net Group ’ s halal metaverse , offering a virtual world for exploration and connection with endless possibilities .
Originally developed on the Algorand protocol by IBF Digilabs - the Singapore-based member of the IBF Net Group , the project made a strategic move to Polygon , aiming to amplify the impact of its platforms further and provide enhanced experiences to its users .
“ The expanded platforms on Polygon will offer users a seamless and efficient experience , enabling them to access a wider range of features and benefits . By leveraging the strengths of both Algorand and Polygon , the IBF Net Group is paving the way for a more inclusive and interconnected digital ecosystem ,” said Mohammed Alim , CEO of IBF Net Group .
To power its platforms on Algorand and Polygon , the IBF Net Group has introduced two dedicated crypto tokens - $ IBFX and $ IBFN . These crypto tokens will drive the platforms ’ functionalities , facilitating transactions , incentivising participation , and enhancing the overall user experience .
Further , $ IBFN - the crypto token associated with its platforms on Polygon - is the first to go for an initial offering , with its sale already open to the public .
“ The utility token is being launched from a country known for its permissive crypto regulatory framework . By integrating our platforms with Polygon-based crypto , we aim to provide a seamless and enhanced user experience while broadening our reach and driving innovation in various sectors ,” added Mohammed Alim .
Intervest Capital Partners named 2023 Best Islamic Fund Manager
INTERVEST Capital Partners ( InterVest ) is pleased to announce that the firm has been named the Best Islamic Fund Manager and Best Islamic Leasing House by Euromoney Magazine again for 2023 .
Recognised now for multiple years , InterVest continues its success in leasing , real estate and speciality finance , having established over 130 vehicles with invested and committed capital exceeding US $ 16 billion since 1999 .
InterVest was recognised for its innovation and track record in Islamic finance , consistently evolving and expanding its reach across the speciality finance space . The firm has diverse sectoral exposure covering multiple verticals across niche private debt , including but not limited to aerospace ; healthcare ; transportation ; construction ; energy ; consumer ; technology ; and real estate .
According to InterVest CEO Michael Gontar : “ We are thrilled to be recognised once again by Euromoney Magazine in this prestigious category of our peers . We congratulate our friends and partners who have contributed to our outstanding performance . We remain focused on investing and innovating within Islamic finance and the broader speciality finance market .”
Celularity announces US $ 45 million purchase order
CELULARITY Inc ., a biotechnology company developing placental-derived allogeneic cell therapies and biomaterial products , announced that it received a US $ 45 million purchase order for its private label halal-certified biomaterial products from Jamjoom Medical Store ( Jamjoom ).
This marks the first purchase order received by Celularity under its recently announced expansion into the Middle East market as part of Celularity ’ s global market strategy .
Robert J . Hariri , Celularity ’ s CEO , Chairman and Founder , said : “ We are delighted to announce the receipt of a US $ 45 million purchase order for Celularity ’ s halal-certified biomaterial products from Jamjoom , marking an important step in our expansion into the Middle East . Our mission is to lead the next evolution in cellular medicine , and we look forward to building on this positive momentum to provide cuttingedge therapies to the people in the region .”
“ Celularity ’ s investment in platform technologies and infrastructure , including our world-class cGMP / cGTPcompliant manufacturing facility , allows us to scale and efficiently manufacture our halal-certified biomaterial products rapidly . We are grateful to Jamjoom and our exclusive territories distributor in the Islamic Markets , CH Trading Group , for making this significant milestone possible .”
Dr Khalid Ali , Jamjoom CEO , said : “ As the first private label distributor of Celularity halal-certified biomaterial products in the Kingdom of Saudi Arabia , this purchase order marks our commitment to bringing innovative regenerative medicine products to physicians and patients alike . We look forward to developing this important opportunity with Celularity and CH Trading Group .”
“ The availability of halal-certified biomaterial products is a key enabler of the rapidly emerging regenerative medicine market in Saudi Arabia ,” said the CEO of CH Trading Group , Elsayed Zayan .
“ We are excited to partner with Jamjoom as the first private label distributor of these products in the Kingdom .” –