alt bank has successfully completed its migration to MIZAN, a core banking platform developed for Islamic and non-interest financial institutions, marking a significant milestone in the Bank’s technology transformation.
The migration addresses a fundamental challenge in non-interest banking. Unlike conventional banking, non-interest financial products operate through distinct contractual structures, asset relationships, and profit-sharing arrangements. These differences influence how transactions are processed, profits distributed, and products managed, requiring technology that reflects the industry’s operating principles.
Hassan Yusuf, Managing Director and Chief Executive Officer of alt bank, said the technology supporting a non-interest bank must reflect its business model and ambitions.
“The more non-interest banking grows, the more important it becomes that the infrastructure underneath it understands what makes the model different.”
“We should not have to continuously translate non-interest banking into the language of systems designed for something else. MIZAN gives us an operating foundation closer to the principles, structures and ambitions of the institution we are building,” Yusuf said.
Developed by Peerless, MIZAN supports contract-based financing, asset-backed transactions, profit sharing and distribution, alongside audit controls and digital integration capabilities. The platform provides a foundation for simpler processes, greater operational efficiency, faster product development and more responsive customer service.
The migration complements alt bank’s decision earlier in 2026 to join the International Islamic Financial Market (IIFM), which develops standards for Islamic finance documentation and market practices. Both initiatives reflect the Bank’s commitment to strengthening the infrastructure and institutional frameworks supporting non-interest finance.
“If this industry is going to achieve its potential, it cannot remain dependent on workarounds,” Yusuf said. “The standards must mature. The products must mature. The infrastructure must mature. We intend to be part of making that happen.”
Fatai Tella, Chief Operating Officer of alt bank, confirmed the successful transition and emphasised the importance of translating the investment into measurable business outcomes.
“The migration to MIZAN has been completed, and our banking services are now running on the new platform. This is an important milestone, but the real value of this investment will be measured by what it enables us to do differently and better,” Tella said.
“MIZAN is not simply a replacement of our previous core banking system. It provides an opportunity to simplify operations, improve efficiency, deepen digital integration and respond faster to customer needs. Our focus now is to translate these capabilities into tangible improvements in service delivery, operational performance and customer experience.”
With the migration completed, alt bank is focused on maximising MIZAN’s capabilities to deliver measurable value to customers and business partners, advancing its ambition to build a modern, digitally enabled institution committed to ethical wealth creation.
About alt bank
alt bank commenced its journey in January 2014 as a non-interest banking window in Sterling, with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers/partners. In July 2023, the Central Bank of Nigeria issued a Banking License to alt bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), alt bank ensures all its operations align with the ethics of Non-Interest Banking. For more information, please visit www.altbank.ng.
