Blockchains and Metaverse: An Islamic Perspective
BANDUNG, itb.ac.id – The Center for Islamic Business and Finance at ITB’s School of Business and Management organized a webinar with IBF Net Group titled “Blockchains and Metaverse: Islamic Perspective” on Friday (11/2/2022). The webinar discussed the Islamic view of blockchains and the metaverse to facilitate students, scholars, and entrepreneurs.
The online webinar was attended by Mufti Faraz Adam from Yaqeen Institute for Islamic Research in the UK, Yuliani Dwi Lestari from SBM ITB, Prof. Aurik Gustomo (Vice Dean of Academics in SBM ITB), and Mohammed Alim (CEO of IBF Net Group). More than 400 local and foreign participants joined this webinar moderated by Oktofa Yudham, the Director of CIBF SBM ITB.
“Blockchains are the pillars that kickstarted Revolution 4.0. However, further clarification needs to be discussed if this technology is halal or haram,” Prof. Aurik stated. Aside from blockchains, the rapid development of the metaverse requires further understanding.
Mufti described the metaverse as a virtual world that can be freely constructed and explored by others from different parts of the world.
According to Mufti, several points need to be considered to deduce whether the metaverse is safe or forbidden in terms of Islam. One of these points is its utility. “By assessing its utility, we can determine whether this technology brings a positive outcome to our lives,” he stated. “If something is obsolete, it is not allowed in Islam.”
Mufti also commented on the importance of paying attention to metaverse’s impact in reality. If it causes negative influences to one’s life such as disrupting their daily duties and activities as a Muslim, it is best to avoid it.
Moreover, Mufti added the significance of analyzing the design and experience offered in the metaverse that might oppose the teachings of Islam. It is best to leave the metaverse if the bad outweighs the good.
In line with Mufti’s view, Yuliani noticed several benefits from the technology and discussed their correlation with blockchains.
Blockchains are data records managed by computer systems that do not have any entities. The technology has already been implemented in Islam practices such as the halal supply chain, tracking system, banking, insurance, education, and zakat. To utilize blockchain technology responsibly, Yuliani noted its regulation, management, and evaluation to help users in following their Islamic beliefs.
Reporter: Rilis SBM ITB
Translator: Ruth Nathania (Teknik Lingkungan, 2019)
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