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Alt Bank has completed its migration to MIZAN, a core banking platform designed for Islamic and non-interest financial institutions, in a move aimed at improving operational efficiency, product development and customer service.
The bank said the migration would strengthen its technology infrastructure and enable it to manage non-interest financial products more effectively through systems designed around the sector’s operating principles.
Unlike conventional banking, non-interest finance relies on distinct contractual arrangements, asset-backed transactions and profit-sharing structures. These require specialised systems to process transactions, manage products and distribute profits in line with the underlying agreements.
Hassan Yusuf, Managing Director and Chief Executive Officer of alt bank, said the new platform would provide technology better suited to the bank’s business model and growth ambitions.
“The more non-interest banking grows, the more important it becomes that the infrastructure underneath it understands what makes the model different,” he said.
Yusuf added that MIZAN would reduce the need to adapt non-interest banking operations to systems originally designed for conventional banking.
Developed by Peerless, MIZAN supports contract-based financing, asset-backed transactions, profit-sharing arrangements, audit controls and digital integration. The bank expects the platform to simplify processes, improve operational efficiency and support faster development of financial products.
The migration follows alt bank’s decision earlier in 2026 to join the International Islamic Financial Market (IIFM), an organisation that develops standards for Islamic finance documentation and market practices.
Yusuf said the bank intended to contribute to the development of the non-interest banking industry by investing in appropriate technology, standards and financial products.
“If this industry is going to achieve its potential, it cannot remain dependent on workarounds,” he 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 that the migration had been completed and that the bank’s services were running on the new platform.
He said the benefits of the investment would be measured by improvements in service delivery, operational performance and customer experience.
According to Tella, the transition would provide opportunities to simplify operations, deepen digital integration and enable the bank to respond more quickly to customers’ needs.
With the migration completed, alt bank said its focus would now be on maximising the platform’s capabilities to deliver improved services to customers and business partners as it pursues its ambition of building a digitally enabled institution focused on ethical wealth creation.
