LONDON: Adverts by Muslim fintech company Wahed Invest have been banned in the UK for featuring burning banknotes, which the country’s advertising watchdog deemed “offensive.”
The New York-based investment platform, which targets the Muslim community, ran a series of posters across London’s transport system in September and October.
The ads showed US dollar and euro banknotes on fire alongside slogans such as “Join the money revolution” and “Withdraw from Riba” — a term referring to the Islamic prohibition of interest.
The Advertising Standards Authority said it received 75 complaints that the ads were offensive.
“The ads represented the expression that viewers’ money was ‘going up in flames’ and that images of burning money were commonly encountered,” the ASA said in a statement.
“However, regardless of whether viewers would have understood that message or understood it as a defiant act designed to show a challenge to financial institutions, the currencies which were burned in all of the ads were clearly visible as US dollar and euro banknotes.”
The advert also featured images of Muslim preacher Ismail ibn Musa Menk and Russian former professional mixed martial artist Khabib Abdulmanapovich Nurmagomedov.
Three of the posters showed Menk holding an open briefcase filled with US dollar and euro banknotes on fire, with two of them stating “Withdraw from Exploitation.”
Wahed defended the campaign, explaining that the burning banknotes symbolized money “going up in flames” due to inflation outpacing savings growth.
The company, which describe itself as an investment platform allowing consumers who were predominantly Muslim to invest in a manner which aligned with their faith and values, launched in the US in 2017 and is backed by the oil company Saudi Aramco and the French footballer Paul Pogba.
Wahed acknowledged that the currencies depicted in the ads could be viewed as symbols of national identity but argued that the imagery of burning money was a powerful reference to hyperinflation, a concept often depicted in popular culture through film and television.
A spokesperson added: “We understand that visuals like those included in our campaign can elicit strong reactions.
“While our intention was to spark thought and awareness, we recognize the importance of ensuring that messaging resonates positively with the diverse audiences that may consume them.”
The ASA said that the adverts would have been seen by many people, including people from the US and eurozone countries, who “would have viewed their nation’s currency as being culturally significant.
“Although we acknowledged Wahed Invest’s view that they had not directly criticized a specific group, and that depictions of burning banknotes were commonly encountered, we considered the burning of banknotes would have caused serious offense to some viewers,” the regulator said.
“We therefore concluded that the ads were likely to cause serious offense.”
