The Alternative Bank Moves Core Banking to MIZAN Platform

In Short

The Alternative Bank says it has completed a migration from a conventional core banking system to MIZAN, a core banking platform designed for Islamic and non interest banking.

What Happened

The Alternative Bank said it has dumped its previous conventional core banking system and completed its migration to MIZAN.

A core banking system is the main software a bank uses to run day to day services such as customer accounts and transactions.

The bank said all its banking services are now running on MIZAN.

It described MIZAN as a core banking platform designed for Islamic and non interest banking. The platform supports contract based financing, asset backed transactions, and profit sharing.

Why It Matters

For a non interest bank, product rules matter. Islamic finance products often rely on specific contract structures rather than interest charges.

The Alternative Bank’s move suggests it wants its day to day banking system to natively support those contract based and asset backed structures, instead of adapting a conventional system built for interest based lending.

If MIZAN now runs all services as the bank says, it also becomes the foundation for how the bank delivers and updates its non interest products across its channels.