UK ad watchdog bans Musliim fintech ads featuring burning banknotes
text_fields
Islamic scholar and popular TV speaker Ismail Menk
Wahed Invest, a Muslim-focused fintech company based in New York, has had its advertisements banned in the UK after the Advertising Standards Authority (ASA) deemed them offensive.
The ads, which featured images of burning US dollar and euro banknotes, were displayed across London’s transport system during September and October, sparking significant public backlash.
The advertising campaign included slogans such as "Join the money revolution" and "Withdraw from Riba," referencing the Islamic prohibition on interest. The ASA received 75 complaints about the adverts, with concerns raised over the imagery of burning currency, which some found culturally insensitive and offensive.
The campaign also featured prominent figures such as Muslim preacher Ismail ibn Musa Menk and former mixed martial artist Khabib Nurmagomedov. Several posters showed Menk holding a briefcase filled with burning banknotes, accompanied by messages urging withdrawal from financial exploitation.
Wahed Invest defended the campaign by explaining that the burning banknotes symbolized money losing value due to inflation outpacing savings growth. They argued that the imagery was a powerful reference to economic challenges like hyperinflation, a concept frequently depicted in popular culture. Despite their defence, the ASA determined that the visual representation of burning currency could be perceived as offensive, especially by people from the US and eurozone countries, where the depicted currencies are seen as national symbols.
The company, which allows predominantly Muslim consumers to invest in alignment with their faith and values, launched in the US in 2017 and is supported by notable backers, including Saudi Aramco and French footballer Paul Pogba. Despite acknowledging the potential for strong reactions, Wahed emphasized their intent to provoke thought and raise awareness about financial issues.
The ASA concluded that the adverts, despite not directly targeting any specific group, were likely to cause serious offence due to their culturally sensitive content. Consequently, the adverts have been prohibited from being displayed further in the UK.