By SIMEON OGOEGBULEM
Alternative Bank has announced the completion of its migration to MIZAN banking platform. The MIZAN platform is specially designed to improve operational efficiency on digital services and non-interest finance,
The bank said the migration to the platform geared towards strengthening its technology infrastructure and aligning its operations more closely with the principles of non-interest banking.
The Managing Director and Chief Executive Officer of Alternative Bank, Hassan Yusuf, said the new platform would provide a stronger technological foundation for delivering financial services in line with the institution’s business model. Yusuf stated that MIZAN supports the distinct contractual arrangements, asset relationships and profit-sharing structures used in non-interest financial products.
He further stated that the bank needed technology that reflected the way it operates rather than systems originally designed for conventional banking, adding that “we should not have to continuously translate non-interest banking into the language of systems designed for something else”.
According to him, “MIZAN gives us an operating foundation closer to the principles, structures and ambitions of the institution we are building,” stressing that investment in technology and institutional frameworks reflected its commitment to supporting the growth of non-interest banking.
Developed by Peerless, the MIZAN banking platform supports contract-based financing, asset-backed transactions, profit-sharing arrangements, audit controls and digital integration. These features are designed to help the bank manage its products and processes more effectively.
Alternative Bank said the new system would create opportunities to simplify internal procedures, improve efficiency, speed up product development and respond more effectively to customers. The bank expects the platform to support its wider efforts to build a digitally enabled institution focused on ethical wealth creation.
The migration follows the bank’s decision earlier in 2026 to join the International Islamic Financial Market (IIFM). The organisation develops standards for Islamic finance documentation and market practices.
“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.
The bank’s Chief Operating Officer, Fatai Tella, confirmed that the migration had been completed and that its banking services were now running on the new system. He said the bank would judge the investment by the practical improvements it delivers in daily operations and customer service, rather than the completion of the technical transition alone.
“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 said.
Tella added that the platform could help the bank simplify processes, improve operational performance, strengthen digital integration and respond more quickly to customer needs. He said the next priority would be to turn the system’s capabilities into measurable gains in service delivery, efficiency and the overall customer experience.
The bank plans to continue exploring the platform’s features as it seeks to deliver greater value to customers and business partners. Its wider ambition is to develop a digitally driven institution that promotes ethical wealth creation while providing financial services suited to non-interest banking principles.
The Alternative Bank technology upgrade marks an important step in that strategy. However, its long-term impact will depend on whether the new system delivers faster services, smoother operations and tangible benefits for customers.
