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Alt Bank has completed its migration to MIZAN, a core banking platform designed for Islamic and non-interest financial institutions, as part of efforts to improve operational efficiency, digital integration and customer experience.
The bank said the transition would strengthen its technology infrastructure, simplify internal processes and provide a foundation for faster product development and improved service delivery.
Fatai Tella, Chief Operating Officer of Alt Bank, who confirmed the successful migration, said the bank would now focus on translating the investment into measurable improvements in its operations and services.
He said the transition marked an important milestone in the bank’s technology transformation, adding that its success would ultimately be determined by the value it delivers to customers and business partners.
“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.
He explained that the platform would enable the bank to simplify operations, deepen digital integration and respond more quickly to customers’ needs.
“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,” he added.
“Our focus now is to translate these capabilities into tangible improvements in service delivery, operational performance and customer experience.”
The migration addresses the distinct technological requirements of non-interest banking, whose financial products are structured around specific contractual arrangements, asset-backed transactions and profit-sharing mechanisms.
These features influence how transactions are processed, profits distributed and financial products managed, requiring technology platforms capable of supporting the operating principles of non-interest finance.
Hassan Yusuf, Managing Director and Chief Executive Officer of AltBank, said the bank needed technology infrastructure that reflected the peculiarities of its business model and its long-term ambitions.
“The more non-interest banking grows, the more important it becomes that the infrastructure underneath it understands what makes the model different,” Yusuf said.
He added that MIZAN would provide an operating foundation more closely aligned with the principles and structures underpinning the bank’s services.
“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,” he said.
Developed by Peerless, MIZAN supports contract-based financing, asset-backed transactions, profit-sharing and distribution, as well as audit controls and digital integration capabilities.
The bank expects the platform to support more efficient processes, faster product development and more responsive customer service.
The migration also 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.
According to the bank, the two initiatives reflect its commitment to strengthening the technological infrastructure and institutional frameworks required to support the growth of non-interest finance.
Yusuf said the industry needed to move beyond workarounds and strengthen its standards, products and supporting infrastructure to achieve its potential.
“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 said.
With the migration completed, Alt Bank said its immediate priority was to maximise the platform’s capabilities to deliver measurable benefits to customers and business partners while advancing its ambition to build a digitally enabled institution focused on ethical wealth creation.
English (US) ·