Yes, an Alpari Islamic account offers an Islamic account for Muslim faith traders including a swap-free option. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap.
Alpari at a glance
| 💡 Broker's Name | Alpari |
| 🏛 Headquartered | Kingstown, St Vincent, and the Grenadines |
| 📃 Year Founded | 1998 |
| 🏛 Regulating Authorities | Financial Services Commission |
| 🌍 Countries not accepted for trade | Georgia, Ukraine, Turkmenistan, Uzbekistan, Tajikistan, Moldova, Armenia, Kyrgyzstan, Kazakhstan, Belarus, Azerbaijan, Russia, the Democratic Republic of Korea, Suriname, Haiti, Japan, Canada, New Zealand, Mauritius, and the USA. |
| 📉 Islamic Account (Swap Free) | Yes |
| 📉 Demo Account | Yes |
| 📉 Institutional Accounts | No |
| 💻 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:1000 |
| 💰 Minimum Deposit | $100 / R1 600 ZAR *Iran $50/R800 ZAR |
| 💳 Deposit Options | Debit cards Credit cards Bank transfer FasaPay Neteller WebMoney Bitcoin Perfect Money Skrill |
| 💳 Withdrawal Options | Debit cards Credit cards Bank transfer FasaPay Neteller WebMoney Bitcoin Perfect Money Skrill |
| 📊 Platform Types | MetaTrader 4 and MetaTrader 5 |
| 📲 OS Compatibility | Windows, Mobile, Web, iPhone, iPad PC and Mac OS, mobile for Android and IOS |
| 📉 Tradable Assets | Forex, stocks, commodities, and indices |
| 🌍 Languages supported on Website | English, Indonesian, Spanish, Filipino, Malay, Arabic, Chinese |
| ☎ Customer Support Languages | English, Indonesian, Spanish, Filipino, Malay, Arabic, Chinese |
| ☎ Customer Service Hours | 24/5 |
| 📌 Open an account | 👉 Click Here 👈 |
Min Deposit USD 100 Regulators FSC Trading Platform MT4, MT5 Crypto Yes Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Alpari Islamic Account – A Quick 9 Key Point Overview
- ✅Alpari Overview
- ✅What exactly is an Alpari Islamic Account?
- ✅Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening an Alpari Islamic Account?
- What are Alpari’s spread costs on an Islamic Account?
- What other features does Alpari’s Islamic Account have?
- Alpari Pros and Cons
- Conclusion
- Frequently Asked Questions
Alpari Overview
👉 Alpari International is a veteran of the Forex industry and a well-established market leader that has been in operation since 1998. This award-winning broker has managed to differentiate itself through providing diversified and professional customer service, a feature-rich trading environment, extremely competitive trading conditions, and a wide range of account types.
👉 Clients can trade forex, commodities, indices, and shares on either the MetaTrader 4 or MetaTrader 5 platforms and enjoy spreads that start as low as 0.4 pips, with commission-free trading also available.
👉 The broker caters to beginner to advanced and professional traders with its diversified account offering, with low minimum deposits starting at just $5, which is equivalent to R80 ZAR at the time of writing and offers a wide selection of additional trading features.
👉 As such, beginner traders have access to a wealth of educational resources, while all traders are offered analytics directly from the broker for an enhanced trading experience.
What exactly is an Alpari Islamic Account?
👉 To better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.
👉 To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by a purely profit motive. As such, two principles guide Islamic finance as below:
📃 The first principle is a risk-sharing philosophy between the lender and borrower. According to Islamic principles, interest is unethical, as it guarantees a reward for the lender, while the borrower must incur all the risk. This, according to Islamic finance, can lead to exploitative practices.
📃 The second principle is that financial activity must promote social and economic wellbeing. The purpose of finance in Islam is to promote happiness and contentment in this earthly life. Finance is just one part of life and society.
📃 With these guiding principles, the fundamental feature of Islamic finance is to encourage socio-economic justice. It is for this reason that interest (or riba) is prohibited. Excessive risk (or gharar) is also prohibited, as is excessive gambling or speculation.
Why is interest discouraged or prohibited by Sharia law?
Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:
| ☪️ Riba promotes negative growth. It may increase money quantitatively, but there is no primal progression in social wealth. |
| ☪️ Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human. |
| ☪️ Riba is seen as the unlawful acquisition of property. |
| ☪️ When entrenched, Riba corrupts society. |
| ☪️ Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive towards the borrower. |
What are the steps involved in opening an Alpari Islamic Account?
If you want the swap-free option, you can choose it when you open your trading account or enable it with the steps below:
- 👉 Step 1 – On myAlpari, go to the ‘Accounts Overview’ section.
Next to ‘Deposit’, choose the green arrow on the trading account you wish to change and make swap-free.
- 👉 Step 3 – Select ‘Enable swap-free mode’.
- 👉 Step 4 – Make sure that the swap-free option is available for clients in selected countries. If the option is not available on your account, you should contact the broker.
What are Alpari’s spread costs on an Islamic Account?
👉 The Islamic Account will have the same spread conditions as the swap versions of your preferred account. As such, the average spread and commissions on these accounts are as follows:
📉 The micro MT4 account offers spreads starting from only 1.7 pips when trading major Forex pairs.
📉 The standard MT4 account provides spreads from 1.2 pips on major Forex pairs.
📉 The ECN account for more professional traders offers spreads that start at just 0.4 pips for majors. The ECN account also charges commissions of $3 per lot round trip.
What other features does Alpari’s Islamic Account have?
The features on the Islamic account will be the same as those for the Standard, Micro, Pro, and ECN Accounts.
Alpari Pros and Cons
| ✔️ PROS | ❌ CONS |
| Extremely easy Islamic account registration process | Islamic account not available for MT5 users |
You might also like: Alpari Reviewed
You might also like: Alpari International Account Types Overview
You might also like: Alpari International Demo Account
You might also like: Alpari International Fees and Spreads
You might also like: Alpari International Minimum Deposit
You might also like: Alpari International Sign Up Bonus
Min Deposit USD 100 Regulators FSC Trading Platform MT4, MT5 Crypto Yes Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Conclusion
All in all, Alpari International offers a diverse and streamlined trading platform that caters to a variety of traders’ needs. The company’s educational tools make it easy for first-timers to begin trading with confidence, while the company is also a great place for seasoned traders to hone their skills.
Being a member of NAFD provides a safe and regulatory environment where traders can operate with certainty and security. As such, the company offers some of the most favorable trading conditions on the market, as well as innovative online technologies, trading instruments, and services, which have been carefully developed by its IT specialists
Frequently Asked Questions
Can Muslim traders from South Africa open an account with Alpari?
Yes, Muslim traders from South Africa can open an Alpari Islamic account.
What is the maximum leverage for the Alpari Islamic account?
The maximum leverage for this Islamic account is 1:1000
What are the available deposit options for the Alpari Islamic account?
Deposit options for the Islamic account include: Debit and Credit cards, Bank transfers, FasaPay, Neteller, WebMoney,
Bitcoin, Perfect Money and Skrill.
What tradable instruments are available with the Alpari Islamic account?
With the Alpari Islamic account you can trade Forex, stocks, indices and commodities.
Does Alpari offer customer support on the Alpari Islamic account?
Yes, Alpari customer service is available 24/5.
Top 4 Brokers
