Warba Bank, an Islamic bank headquartered in Kuwait, is the latest Middle East and North African banking company to venture into the metaverse, a vast virtual realm centered on social interaction.
In what has been billed as a first for an Islamic lender, Warba Bank has announced that it now owns two sites in the metaverse, one on Sandbox and one on Decentraland.
According to a statement from the bank, the move is intended to increase Warba’s communication with the younger and millennial generations.
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Warba Bank aims to become a leader in digital transformation
As part of its efforts to strengthen its reputation as a leader in digital transformation, the bank will work closely with its customers to introduce its products and services in virtual reality.
Warba Bank was established on February 17, 2010 under an Amiri Decree aimed at revitalizing Kuwait’s economy after the economic turmoil in the country.
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Warba Bank joined the Islamic Banking Register at the Central Bank of Kuwait on April 7, 2010. The bank fulfilled Kuwait’s hopes and earned their trust.
Anwar Badawi Al-Ghaith, Executive Vice President Support Services and Treasury at Warba Bank, stated:
“Warba Bank strives to be close to its customers in virtual reality to promote its products and services and to interact with them in a creative way that reflects Warba Bank’s reputation as a pioneer in digital transformation. ”
Al-Ghaith emphasized that Warba Bank is eager to be a trendsetter in these enhanced worlds and help young consumers in the Bloom group as well as the rest of the market.
The Metaverse & Islamic Beliefs
On February 8, 2022, a Metaverse Initiative for Modern Muslims was established. MetaKawn, the latest NFT project inspired by Islamic beliefs and social morals, is the ecosystem’s first metaverse designed for the future of contemporary Muslims.
MetaKawn was created by versatile entrepreneur Othmane Meziane and marketing strategist Youssef Tazi.
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Kuwait Ministry of Finance: No Love for Crypto
The Ministry of Finance of Kuwait does not recognize cryptocurrencies for official business transactions. Likewise, the Central Bank of Kuwait restricts the banking industry and entities under its jurisdiction from engaging in cryptocurrency transactions.
According to Shivam Thakral, CEO of BuyUcoin, the metaverse and cryptocurrencies cannot be separated as their basic technologies are the same and cryptocurrencies are fundamental to the regulation and operation of the metaverse.
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By 2030, the metaverse could bring $1.5 trillion in value to the global economy. Much of this value can be realized in the form of digital currencies.
As more and more people become accustomed to using cryptocurrencies as a means of payment, this may indicate that cryptocurrencies may enter the mainstream, including the metaverse.
Featured image from Behance, chart from TradingView.com