Peerless Software Global Services has launched Mizan, a purpose-built digital banking core for Islamic and non-interest financial institutions.

The launch marks a major addition to Nigeria’s financial technology market at a time when interest in ethical, Islamic, and non-interest banking continues to rise across Africa and the Middle East.

Mizan is designed to help financial institutions build, launch, and manage non-interest banking products on infrastructure created for the specific operating requirements of the sector. The platform supports product types such as Murabaha, Ijara, Mudaraba, Musharaka, Istisna, and Qard Hassan, with modules for customer management, financing management, investment management, funds utilisation, profit and loss calculation, profit equalisation reserve, audit trail, chart of accounts, and end-of-cycle processing.

For banks and financial institutions, the challenge is often deeper than product demand. Many institutions want to serve non-interest banking customers, but struggle with systems originally built for conventional banking. This can create operational stress around profit calculation, asset tracking, investment pools, reporting, and internal governance. Mizan was built to reduce that strain.

Dr. Joachim Adebayo Adenusi, CEO and Co-Founder of Peerless, said:

“We built Mizan because non-interest banking deserves infrastructure that understands its logic from the start. Institutions should not have to force Islamic and ethical finance products through systems that were not designed for them. Mizan gives them a stronger foundation to grow with control, confidence, and clarity.”

The platform is built with an API-first and microservices architecture, giving banks the flexibility to integrate with digital channels, payment rails, identity systems, third-party service providers, and regulatory reporting systems. It can support mobile banking, internet banking, USSD, agency banking, POS, cards, branch operations, and contact centre channels through a connected digital layer.

Mustapha Otaru, Executive Director and Co-Founder of Peerless, said:

“Non-interest banking is no longer a side conversation. It is becoming part of how financial institutions think about inclusion, customer trust, and new market growth. With Mizan, Peerless is giving banks the technology backbone to move from ambition to execution.”

Mizan also supports governance and audit requirements through transaction trails, product-level controls, customer risk records, reporting workflows, and deployment flexibility across private cloud, public cloud, hybrid, and on-premise environments. Interested organisations can visit the Peerless website for more information about Mizan.

The launch adds to Peerless’ growing suite of enterprise technology products, including SeaBaas, the company’s core banking platform built for financial institutions in emerging markets.

With operations in Lagos, East Africa, and the United Arab Emirates, Peerless is positioning Mizan for institutions across Nigeria, Africa, and the Middle East that are seeking modern infrastructure for non-interest banking at scale.

About Peerless
Peerless is a modern enterprise technology company purpose-built to support digital transformation across emerging markets. Its product suite includes core banking solutions like SeaBaas and SeaBaas Lite, as well as risk management and anti-fraud solutions. Peerless builds core digital infrastructure for financial institutions, enterprises, and public sector organisations across Africa and the Middle Eas