Alt Bank Dumps Conventional Core Banking System, Migrates to Islamic Finance-Built MIZAN Platform

Alt Bank has completed migration to MIZAN, a core banking platform purpose-built for Islamic and non-interest banking, ending its reliance on systems originally designed for conventional banking. The bank said the move solves a long-standing infrastructure gap in non-interest finance, where products run on distinct contractual structures, asset-backed relationships and profit-sharing models that conventional cores struggle to process without workarounds. Managing Director/CEO, Hassan Yusuf, said non-interest banking can no longer be forced to speak the language of conventional banking technology. “The more non-interest banking grows, the more important it becomes that the infrastructure underneath it understands what makes the model different. 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” Yusuf said. Developed by Peerless, the MIZAN platform supports contract-based financing, asset-backed transactions, profit sharing and distribution, with built-in audit controls and digital integration. alt bank says it will enable simpler processes, faster product development and more responsive customer service. The migration builds on the bank’s earlier 2026 admission into the International Islamic Financial Market (IIFM), the global body that sets 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,” Yusuf added. Chief Operating Officer, Fatai Tella, confirmed that all banking services are now running on MIZAN. “The migration has been completed. The real value will be measured by what it enables us to do differently and better. It is not simply a replacement of our previous system. It is an opportunity to simplify operations, improve efficiency and respond faster to customer needs,” Tella said. The bank said its focus is now on translating the new capabilities into tangible improvements in service delivery and customer experience as it pushes to build a modern, digitally-enabled institution for ethical wealth creation.