Adverts by Muslim investment company Wahed Invest have been banned in the UK after a watchdog deemed the images of burning banknotes “offensive.”
The U.S.-based halal investment platform ran a series of poster ads across London’s transport system in September and October 2024.
The posters featured prominent Muslim personalities, including popular public speaker Mufti Menk, alongside bank notes from America and Europe burning with text stating “Join the Money Revolution” or “Withdraw from Riba.”
According to the Advertising Standards Authority (ASA) they received 75 complaints claiming the campaign was offensive.
The ASA said that the adverts would have been seen by many people, including U.S. and eurozone citizens, who “would have viewed their nation’s currency as being culturally significant.”
“Although we acknowledged Wahed Invest’s view that they had not directly criticised a specific group, and that depictions of burning banknotes were commonly encountered, we considered the burning of banknotes would have caused serious offence to some viewers .. We therefore concluded that the ads were likely to cause serious offence.”
In response to the watchdog’s ruling, Wahed said they acknowledge and accept the decision.
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“We understand that visuals like those included in our campaign can elicit strong reactions.
“Our imagery sought to visually, and metaphorically, highlight the impact inflation has on savings, particularly within communities adhering to faith-based principles which do not have access to widely used hedges against inflation like interest-based savings accounts.
“While our intention was to spark thought and awareness about the inequality being created by interest-based lending, we recognise the importance of ensuring that messaging resonates positively with the diverse audiences that may consume them.
“We are committed, as always, to our mission of creating interest-free financial products that avoid unethical exposure and improve financial inclusion within communities adhering to faith-based principles.”
According to Wahed, the campaign was reviewed and approved by Transport for London due to compliance with their ad policy before the ASA’s ruling.
Wahed Investment
The company, which describes 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 U.S. in 2017 and is backed by the oil company Saudi Aramco and the French footballer Paul Pogba.
According to Wahed’s website, the platform offers an alternative to the banking system that never lends and allows you to spend in the modern economy, “totally free from Riba.”
Wahed says it has over 400,000 customers worldwide who invest in Wahed to “keep their money halal.”
Islam forbids the payment or receipt of interest, also known as riba, as it is considered a major sin.
Muslims therefore often seek Islamic alternatives for investing money, taking out loans or getting a mortgage.
Right-wing bandwagon
Prior to the poster ads being banned by ASA, Wahed’s campaign had come under attack from the British right-wing.
A former London mayoral candidate for the right-wing political party Reform UK, Howard Cox, criticised the advert after it appeared on the London Underground.
“I didn’t become London mayor, but if I had, this one wouldn’t be accepted. It doesn’t meet the criteria of British culture, it’s as simple as that.”
Also speaking up against the Islamic poster ad was Tory London Assembly member Susan Hall.
“We strongly urge Transport for London (TfL) to reconsider the suitability of this advert, particularly when they so quickly clamp down on others.”
Both statements were made during interviews with right-wing news channel GB News which published several articles or interviews related to the ads.
GB News was recently found to have “almost obsessive” coverage of Muslim stories which were largely negative.
A Centre for Media Monitoring (CfMM) report released in December 2024 revealed a “troubling pattern of bias, misinformation, and far-right tropes” perpetuated by GB News in its portrayal of Muslims and Islam.
GB News dismissed the reports findings, saying it is “inaccurate and defamatory” and that it was not approached for comment beforehand.
