altbank Adopts MIZAN Platform to Boost Non-Interest Banking
By Patience Ikpeme
Alternative Bank, also known as altbank, has migrated its core banking systems to MIZAN, a specialised technology platform designed for Islamic and non-interest financial institutions, as part of efforts to improve operational efficiency, accelerate product development and enhance customer service.
The bank disclosed this on Tuesday, saying the migration would provide a technology foundation better suited to its financing model and support the expansion of its non-interest banking services.
MIZAN, developed by Peerless, is designed to support the contract-based financing, asset-backed transactions and profit-sharing arrangements that distinguish non-interest banking from conventional financial services.
These arrangements require banking systems capable of handling different transaction structures, profit distribution methods and product management processes. According to the bank, non-interest financial institutions have often had to adapt systems originally developed for conventional banking to accommodate these requirements.
The Managing Director and Chief Executive Officer of altbank, Hassan Yusuf, said the new platform would enable the bank to operate with technology that better reflects its business model and long-term objectives. “The technology supporting a non-interest bank must reflect its business model and ambitions,” Yusuf said.
He added that the bank needed a system designed around the principles and operational requirements of non-interest finance rather than one that required constant adjustments to accommodate its activities. “MIZAN gives us an operating foundation closer to the principles, structures and ambitions of the institution we are building,” he said.
The migration is part of the bank’s broader strategy to strengthen the institutional and technological foundations of its non-interest banking operations.
Earlier in 2026, altbank joined the International Islamic Financial Market (IIFM), an organisation that develops standards for documentation and market practices in Islamic finance.
The adoption of MIZAN and membership of the IIFM are intended to support the bank’s operations with technology and industry frameworks suited to non-interest financial services.
The bank’s Chief Operating Officer, Fatai Tella, confirmed that the migration had been completed, adding that attention would now shift to translating the investment into improvements in business performance. “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 provides built-in capabilities for managing contract-based financing, transactions backed by assets and profit-sharing arrangements. It also includes audit controls and features for connecting with digital systems.
altbank expects the platform to simplify its internal processes, reduce manual work and enable it to introduce new financial products more quickly. The bank also expects the system to improve its ability to respond to customers’ needs.
The migration could also help reduce the operational difficulties associated with adapting conventional banking technology to non-interest financial products. Purpose-built systems can reduce the need for manual reconciliations and allow transactions to pass through established processes with less human intervention.
For altbank, the new platform is expected to support the expansion of its non-interest banking products, strengthen digital connections with business partners and improve the delivery of financial services.
The bank said its immediate priority was to optimise its workflows, monitor performance indicators linked to operational efficiency and customer experience, and develop new products that take advantage of the platform’s capabilities.
Yusuf described the bank’s broader objective as promoting “ethical wealth creation”, reflecting its focus on providing financial services within the principles governing non-interest banking.
With the technical migration completed, the bank will now concentrate on ensuring that the new system delivers measurable improvements in service delivery, operational performance and product innovation.
