Book Chapter

·2023

Islamic Compliant Frameworks for the Metaverse

Klemens Katterbauer YTU , Hassan Syed , Laurent Cleenewerck de Kiev , Sema Yılmaz Genç YTU

Advances in e-business research series

Abstract

The metaverse has become of paramount importance within the last several years, being a virtual universe where individuals and companies can interact. While the metaverses are still in their nascent stage, there has been increasing interest and capital inflow into these universes. For Shariah-compliant focused financial investors and participants, this represents a considerable challenge given the existing lack of Islamic financing frameworks for the metaverses. This chapter outlines options for providing Shariah-compliant financing in the metaverse, outlining the challenges and aspects that have to be taken into account for creating Shariah-compliant financing forms in the metaverse. The framework adapts conventional Islamic financing options, such as Murabaha and Sukuk, to the metaverse, ensuring that both the contracting and crypto-payments are Shariah-compliant and supportive in the metaverse. The framework provides an important step towards the development of Shariah-compliant financing forms within the metaverse.

Keywords

Metaverse Islam Business Computer science Geography Virtual reality Human–computer interaction Archaeology

Subject Areas

FinTech, Crowdfunding, Digital Finance ·Management Information Systems ·Social Sciences
Blockchain Technology Applications and Security ·Information Systems ·Physical Sciences
Islamic Finance and Banking Studies ·Accounting ·Social Sciences

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