Alternative Bank migrates to MIZAN Islamic banking platform

Alternative Bank has completed its migration to the MIZAN banking platform, a core technology system specifically developed for Islamic and non-interest financial institutions. Developed by Peerless, the MIZAN platform is designed to support the unique contractual arrangements, asset-backed transactions, and profit-sharing structures inherent to non-interest banking.

Managing Director and CEO Hassan Yusuf stated that the move eliminates the need to translate non-interest banking processes into systems originally designed for conventional banking. The bank expects the new infrastructure to simplify internal procedures, improve operational efficiency, and accelerate product development.

This technological transition follows the bank’s 2026 decision to join the International Islamic Financial Market (IIFM), a global organization that establishes standards for Islamic finance documentation and market practices. Chief Operating Officer Fatai Tella confirmed that all banking services are now running on the new system.