Bahrain Institute of Banking and Finance opens a campus in Metaverse

The Bahrain Institute of Banking and Finance (BIBF) has announced its foray into the virtual world with the launch of its metaverse campus, and the institute claims to be the first educational institution in the country to do so.

According to the March 8 statement, BIBF’s Metaverse World, designed by local talent, will provide a “holistic and immersive” learning experience for students and business professionals, enabling them to generate more ideas and foster innovation.

“The Bahrain Institute of Banking and Finance’s Metaverse Institute is a virtual representation of the BIBF building that allows its users to interact with each other in a simulated environment,” the announcement said. “Users can attend events, collaborate on projects, and engage in interactive learning activities, including watching Videos and tutorials.”

The digital platform will be launched in two phases, as the first phase that is currently underway will focus on establishing the infrastructure for the Bahrain Institute for Banking and Financial Studies. Once the necessary facilities are built in the Metaverse, the project will move to its second phase and launch certain virtual spaces, including an auditorium and some classrooms, which will enable the institute to conduct live sessions.

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Commenting on the initiative, Ahmed Al Shaikh, Director of the Bahrain Institute of Banking and Finance, said that the Institute’s provision of “advanced learning experiences” such as those that will occur in Metaverse, will prepare them to face the challenges and opportunities of the future, and added:

“Technology will allow students to participate in a new and unique way, as it will provide students from all over the world with access to a live virtual classroom.”

Metaverse, a virtual space that allows its users to interact through their virtual avatars, is expected to contribute to the economies of the Gulf Cooperation Council countries by about $ 15 billion annually by 2030, according to a study conducted by Strategy& in December.

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Defenders of metaverse technology argue that this emerging technology has the potential to restructure various industries, including the education sector. David Judge, creative director of UK-based education design firm Space Zero, sees “huge potential” in leveraging metaverses for the future of education. And he said:

“While playing, many children connect with their friends online…they feel comfortable that they can be who they want to be without anyone watching them, and if you look at education in that context, it’s about using a virtual world to enhance the learning experience.”

Judge added that students can collaborate and better understand the physics behind things because “the wireframe can explain that more clearly in 3D” in a virtual environment.

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