By Gabi Hibbatullah, Abuja
Alt Bank has accomplished its migration to MIZAN, a core banking platform developed for Islamic and non-interest monetary establishments, as a part of efforts to strengthen its expertise infrastructure.
The financial institution’s Managing Director and Chief Executive Officer, Hassan Yusuf, mentioned the platform would supply expertise higher suited to the working ideas and enterprise mannequin of non-interest banking.
In an announcement saying the completion of the migration, the financial institution mentioned the platform was designed to assist the distinct contractual buildings, asset relationships and profit-sharing preparations related to non-interest monetary merchandise.
Yusuf mentioned, “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.”
Developed by Peerless, MIZAN helps contract-based financing, asset-backed transactions, profit-sharing and distribution, and audit controls and digital integration.
The financial institution mentioned the platform would supply a basis for simplifying processes, bettering operational effectivity, accelerating product improvement and responding extra successfully to buyer wants.
The migration follows alt financial institution’s determination earlier in 2026 to hitch the International Islamic Financial Market (IIFM), an organisation that develops requirements for Islamic finance documentation and market practices.
Yusuf mentioned the financial institution’s investments in expertise and institutional frameworks had been geared toward supporting the expansion of non-interest finance.
“If this industry is going to achieve its potential, it cannot remain dependent on workarounds. The standards must mature. The products must mature. The infrastructure must mature. We intend to be part of making that happen,” he mentioned.
The financial institution’s Chief Operating Officer, Fatai Tella, confirmed that the transition had been accomplished and that its banking providers had been operating on the brand new platform.
Tella mentioned the success of the funding can be measured by enhancements in operational efficiency and customer support.
“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,” he mentioned.
He added that the platform would supply alternatives to simplify operations, enhance effectivity, deepen digital integration and reply extra rapidly to buyer wants.
Tella mentioned the financial institution would now give attention to translating the platform’s capabilities into measurable enhancements in service supply, operational efficiency and buyer expertise.
The financial institution mentioned it will proceed to discover the platform’s capabilities to ship worth to clients and enterprise companions because it pursues its ambition of constructing a digitally enabled establishment targeted on moral wealth creation.
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