Core banking that keeps your books, and your conscience, in balance.
Run a non-interest microfinance bank on infrastructure designed for one. From Murabaha disbursements to end-of-day GL close, on a single Shariah-compliant core that your auditors — and your ACE — will actually like.
Financing Portfolio
Pending Approvals 7
Built to support
Aligned with Nigeria's non-interest banking framework.
The problem
Conventional cores weren't built for this.
BankOne, Flexcube, Temenos T24 — these platforms were engineered for interest-based banking and retrofitted with Islamic product modules as an afterthought. The result: your Murabaha facility is a loan with a markup field. Your Mudarabah pool is a fixed deposit with a different name. Your Shariah compliance team works around the software, not with it.
MizanCore is different. The ledger is built on AAOIFI financial accounting standards. Every product type — Wadiah, Mudarabah, Musharakah, Ijara — has its own GL logic, profit-sharing mechanics, and Shariah validation flow. The ACE and your compliance team are first-class users, not an afterthought.
Legacy platforms label Murabaha profit as "interest income".
MizanCore tracks cost price, markup, and deferred income per AAOIFI FAS 2.
CBN returns are compiled by hand from a dozen separate exports.
Your Statement of Financial Position generates straight from the GL — deadline met.
ACE approvals live in email threads and paper files.
Fatwa repository, product validation, and FRACE tracking — all in one place.
End-of-day takes 2–3 hours and still leaves items unreconciled.
Automated EOD — GL close, profit recognition, dormancy checks — under 10 minutes.
The platform
One core. Every module a bank needs.
MizanCore covers the full lifecycle of a non-interest bank — from customer onboarding and KYC through to CBN returns and year-end Zakat calculation. Everything talks to the same GL, the same audit trail, the same maker-checker engine.
Customer & KYC, Wadiah accounts, Esusu/Ajo groups, teller, NIP transfers, agent float
Explore Islamic FinancingMurabaha, Mudarabah, Musharakah, Ijara, Sukuk, Takaful — with built-in maker-checker and profit-sharing mechanics
Explore Compliance & ShariahAML/CFT screening, CBN returns, AAOIFI GL, ACE meeting management, Fatwa repository, sanctions & PEP
Explore General Ledger & ReportingTrial balance, income statement, CBN SFP, prudential classification, capital adequacy — all from one ledger
Explore Agent BankingAgent onboarding, float management, commission calculation, cash-in/cash-out with real-time float adjustment
Explore Administration & EODUser/role management, RBAC, full audit trail, automated end-of-day batch, month-end, year-end close
ExploreIslamic Financing & Treasury
Murabaha to Musharakah — all with maker-checker and Shariah audit trail.
Each financing type has the right mechanics built in. Murabaha tracks cost price, markup, and deferred income (AAOIFI FAS 2). Mudarabah pools manage profit-sharing ratios (PSR), PER, and IRR. Diminishing Musharakah generates the buyout schedule and adjusts rental as ownership transfers.
- Murabaha, Mudarabah, Musharakah, Ijara, Salam, Istisna
- Sukuk portfolio management and Takaful scheme administration
- Every disbursement goes through four-eyes maker-checker approval
- Linked Fatwa reference and ACE approval status on every product
- Early settlement (Ibra) with automatic rebate calculation
- CBN prudential classification — current, substandard, doubtful, lost
Murabaha Financing Calculator
| GL Account | Debit (₦) | Credit (₦) |
|---|---|---|
| 1001 Cash at Till | 84,200,000 | — |
| 1101 Murabaha Financing | 1,240,500,000 | — |
| 1201 Ijara Assets | 620,000,000 | — |
| 2001 Wadiah Deposits | — | 1,450,000,000 |
| 2101 Mudarabah Deposits | — | 380,000,000 |
| 4001 Murabaha Markup Income | — | 96,400,000 |
| 4101 Ijara Rental Income | — | 18,300,000 |
| Total | ₦1,944,700,000 | ₦1,944,700,000 |
GL & Reporting
Your CBN returns, generated straight from the ledger.
MizanCore's General Ledger is built on AAOIFI financial accounting standards from the ground up. Every transaction — Wadiah deposit, Murabaha disbursement, Ijara rental — posts to the correct GL account automatically. End-of-period reporting is a button press, not a spreadsheet exercise.
- AAOIFI FAS-compliant chart of accounts (assets, liabilities, equity, income, expense)
- CBN Statement of Financial Position — deadline: 14th of following month
- Prudential classification aging: current, substandard, doubtful, lost
- Capital adequacy ratio and liquidity ratio dashboards
- CRMS file generation for monthly credit bureau submission
- Zakat calculation and charity/purification fund tracking
Banking Operations
Run Esusu groups, agent float, and NIP transfers in one system.
Nigerian non-interest banking isn't just Murabaha. It's Esusu/Ajo savings groups, community agent networks, and mobile-first customers with Tier 1 BVN-only accounts. MizanCore was designed for this reality — not adapted for it.
- Esusu/Ajo group management with rotation tracker and member contribution status
- Wadiah (safekeeping) savings — current, target savings, and group accounts
- KYC Tier 1/2/3 with inline BVN verification via NIBSS API
- NIP inter-bank transfers with NIBSS name-enquiry before authorisation
- Agent banking: onboarding, float top-up, commission settlement
- Teller module: cash deposit, withdrawal, till open/close, EOD reconciliation
Security & control
Audit-ready from day one.
Four-eyes principle
Every financial operation goes through maker-checker. No single user can initiate and approve the same transaction.
Immutable audit trail
Every user action that modifies data is logged with timestamp, user, IP, and full before/after state — exportable for CBN examination.
Granular RBAC
14 pre-built roles (System Admin, Branch Manager, Credit Officer, SCO, ISA, ACE Member, Teller, Agent…) with per-permission customisation.
Sensitive data controls
BVN and NIN masked by default. Reveal requires permission + audit log + 30-second auto-hide. Session idle timeout at 15 minutes.
AML/CFT monitoring
Real-time transaction monitoring with configurable rules: velocity, amount anomaly, structuring, dormant account activity, PEP screening, sanctions lists (CBN, OFAC, UN).
Regulatory compliance posture
Capital adequacy ratio gauges, liquidity ratio alerts, large exposure monitoring, CRMS monthly submission tracking — all visible to management in real time.
How it works
From demo to live in a structured process.
Book a demo
A 45-minute walkthrough of the platform tailored to your institution type. No slide deck — we navigate the live system together.
Data mapping & migration plan
Our team reviews your current core, maps your chart of accounts to AAOIFI structure, and produces a migration timeline.
Parallel run
You run both systems simultaneously. We verify that every balance, every customer record, every financing contract matches before cutover.
Training & go-live
Role-based training for your team — tellers, operations officers, credit, compliance, IT admin. We stay on-call for the first 30 days.
"We were running our Murabaha portfolio on a spreadsheet bolted to BankOne. The ACE had to approve products via email and nobody could tell you the real PAR number without a morning's worth of Excel work. Moving to MizanCore gave us a proper core — one where the CBN returns actually come from the same ledger as the daily operations."
Resources
Practical guides for non-interest banks.
CBN NIFI Compliance Checklist for Microfinance Banks
The operational requirements every non-interest MFB needs to satisfy, mapped to the MizanCore modules that cover them.
How Murabaha deferred income recognition works in an AAOIFI-compliant core
A plain-English explanation of AAOIFI FAS 2, and what it means for your GL, your income statement, and your end-of-period close.
Choosing core banking software for a non-interest MFB: seven questions to ask
What to ask any vendor before signing — from Shariah governance integration to CBN return automation and migration risk.