PA Media
The posters featured dollar and euro notes on fire.
Six adverts for an Islamic investment platform showing banknotes on fire have been banned after a regulator ruled they were likely to cause serious offence.
The Wahed Invest posters, seen between September and November on Transport for London (TfL) services last year, showed dollar and euro notes on fire.
The Advertising Standards Authority (ASA) received 75 complaints that the adverts were offensive.
Wahed Invest said its intention was to “provoke thought and awareness” and acknowledged the ASA’s comments on the use of international currency.
The ads featured images of Muslim preacher Ismail ibn Musa Menk and former Russian mixed martial artist Khabib Abdulmanapovich pointing at large text reading “Join the Monetary Revolution” above Wahed’s logo.
Three of the posters showed Mr Menk holding an open briefcase filled with burning US dollar and euro notes, two of them reading “Withdraw from exploitation” and “Withdraw from Riba”.
Wahed said the burning of banknotes in the ads was intended to show money “burning into flames” when inflation rose faster than the savings rate.
Symbol of national identity
Wahed describes itself as an investment platform enabling predominantly Muslim consumers to invest in a way that aligns with their faith and values.
He said he often used the term “Riba”, an Arabic word meaning “excess” and commonly used to describe the prohibition of interest under Islamic law.
Wahed told the ASA that she recognized that currencies were a symbol of national identity, but believed that burning banknotes was not offensive and was depicted in popular culture, such as cinema and television.
The ASA said the adverts would have been seen by many people, including Americans and eurozone countries, who “would have considered their country’s currency to be culturally significant”.
“While we acknowledged Wahed Invest’s view that they had not directly criticized any specific group and that depictions of burning banknotes were common, we considered that the burning of banknotes would have seriously offended some viewers,” the regulator said.
“We therefore concluded that the adverts were likely to cause serious offense.”
A spokesperson for Wahed Invest said: “We understand that visuals like those included in our campaign can provoke strong reactions.
“While our intention was to spark thought and awareness, we recognize the importance of ensuring that messages resonate positively with the diverse audiences likely to consume them.
“We acknowledge and appreciate the ASA’s comments on the use of international currency.”
TfL, which had suspended all Wahed Invest campaigns pending the outcome of the investigation, said it would apply the regulator’s findings “when reviewing any future campaigns”.
He currently does not have any Wahed Invest campaigns reserved for his network.
