• Wahed recently ran ads with the burning of dollar notes, with slogans like “Join the Money Revolution.” The ASA received 75 complaints & ruled the ads offensive.
• The ads drew backlash from British right-wing figures for allegedly conflicting with “British culture.”
In September and October 2024, the New York-based halal investment platform Wahed ran an advertising campaign across London’s transport network. The posters featured UFC superstar Khabib Nurmagomedov and internationally renowned Muslim public speaker Mufti Menk. Both were depicted alongside burning images of American and European banknotes, accompanied by slogans such as “Join the Money Revolution” and “Withdraw from Riba.”
The campaign sparked controversy, with the Advertising Standards Authority (ASA) receiving 75 complaints claiming the ads were offensive. The ASA concluded that the burning banknotes, particularly those representing culturally significant currencies, would likely cause “serious offence” to some viewers. In their ruling, the ASA acknowledged Wahed’s intention to raise awareness about faith-based financial inequality but ultimately deemed the imagery inappropriate for diverse audiences and in violation of the CAP Code.
Wahed, who opened a physical bank location in London’s Baker Street in 2023, stated that the burning of banknotes was designed to be a striking illustration of how inflation was negatively impacting the value of currencies and were not intended to be critical of US or European economics.
Responding to the ruling, Wahed stated: “We understand that visuals like those included in our campaign can elicit strong reactions… 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.” Wahed also highlighted that the campaign had been approved by Transport for London prior to the ASA decision, emphasising compliance with ad policies.
Wahed, an investment platform tailored primarily to Muslim consumers, enjoys backing from football sensation Paul Pogba. The platform provides financial services aligned with Islamic principles, strictly eschewing interest (riba), which is forbidden in Islam. Wahed asserts a global customer base, seeking ethically compliant and halal financial solutions.
The campaign also faced criticism from British right-wing figures. Reform UK politician Howard Cox denounced the ads, claiming they failed to align with “British culture,” while Conservative London Assembly member Susan Hall called for Transport for London to review their approval process. Both figures voiced their concerns during interviews with GB News, a channel accused of perpetuating anti-Muslim narratives.
Wahed has been told to ensure any further ads do not present images likely to cause offence.
