An ad campaign by an online investment company predominantly serving Muslims was banned by the United Kingdom’s advertising watchdog for featuring images of Euros and US dollars, as well as the words “The United States of America” in flames alongside calls to “join the money revolution.”
Guardian reports: "UK watchdog bans ‘offensive’ adverts showing banknotes in flames. ASA acts on poster campaign by Wahed, urging people to join a ‘money revolution’, after receiving 75 complaints." See: https://t.co/JiLU8NSbt8
— CIoJ (@CIoJournalist) January 8, 2025
Wahed Invest Ltd, a New York-based online financial and investment technology company, ran six posters for their ad campaign on various Transport for London (TfL) services, including the London Underground and buses, last September and October 2024.
The posters featured dollars, including the words “The United States of America,” and euros on fire with accompanying text stating “Join the Money Revolution.”
The Advertising Standards Authority (ASA), the UK agency responsible for regulating ad campaigns in the country, said it received 75 complaints arguing that the ads were offensive. The ASA added that visitors from the United States and eurozone countries could have seen them.
Welcome To Sharia Britain
Islamic Banks are ran in compliance with Sharia Law. Meaning they don’t charge interest. pic.twitter.com/lxdEHvb78T— James Goddard (@JamesPGoddard90) October 20, 2024
Therefore, the watchdog banned Wahed’s ad campaign, concluding it was likely to cause serious offense, further arguing that the advertisement’s appearance on London transport was an untargeted medium and they were likely to be seen by travelers and vacationers.
“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 ASA said.
Wahed responded to the ASA’s investigation by saying that their platform allowed predominantly Muslim consumers to invest in a manner that aligned with their Islamic faith and values. One major component of this was not charging interest on loans, which is also commonly seen in Sharia-compliant financial institutions and platforms.
Is everybody still ok with sitting on the sidelines ?
— Oh Winston (@B29592000) October 10, 2024
The company further argued that burning the banknotes was designed to powerfully illustrate that when inflation grew faster than the rate of savings, money was akin to “going up in flames.” It also believed that all viewers of the ads, not just Muslims, would have understood that expression, and the campaign was not meant to target or criticize specific groups.
“Charging people to borrow money was once called exploitation. Sadly, that perception has changed, and now interest has caused a massive wealth gap, enriching the few while the majority get poorer. Join the growing community moving their money to a fairer system,” the poster also said.
Launched in New York City, United States, in 2017, Wahed Invest is backed by oil company Saudi Aramco and French soccer player Paul Pogba. Umar Suleman, the firm’s global head of risk and Sharia, runs a “Sharia scholars program” at the Islamic Finance Council UK (UKIFC) and advises some other Islamic financial technology startups.
The company is probably a front for money laundering
— UKPROUDGUY #anglophobia (@ukbimale1971) October 11, 2024
The firm also became controversial for hiring several British Islamist figures, such as Sir Iqbal Sacranie and Sadiq Dorasat.
