IBF Net: The Islamic Business and Finance Network is the oldest online community in the field, founded by Dr. Mohammed Obaidullah, an Indian economist in the year 1999. Over the subsequent years, it metamorphosed into a think tank and became the maiden provider of e-learning courses in Islamic banking, insurance and investments. It was given “the Global Excellence in Islamic Finance” award at the prestigious International Islamic Finance Forum (IIFF) held in Dubai in 2007. More recently, IBF Net moved to South East Asia.
In 2020 it expanded its programs and activities and set up a technology lab for development of tech-based solutions for the IBF sector – the IBF Digilabs Pte. Ltd. – in Singapore. With the advent of blockchain technology it sought a complete transformation and deployment of the network on the blockchain ensuring a shift from exchange of "views” to exchange of "values” among its members.
In 2022 IBF Net set up another company called Pt IBF Net Indonesia to continue with its core activities in e-learning. IBF Net embarked on a project at the Digilabs that uses cutting-edge web 3.0 technologies with the strategic intent to develop a virtual halal ecosystem, a miniature Islamic economy on the blockchain with its own native currency. This resulted in the development of IBFNex a network with several platforms to cater to dierent segments of the economy and then moving the network to Netverse, a virtual three-dimensional world. The IBF Net group received financial and non-financial support from Algorand Inc. and Algorand Foundation for the project that included five financial grants and an equity participation in the project. The project is likely to be registered as a company in a country with liberal regulations allowing the issue of cryptos as native and in-verse currency.
The success of IBF Net received due recognition from the industry in the form of GIFA 2020 Award for Best Emerging Islamic Fintech Company and GIFA 2021 Award for Best Digital Solutions Provider.