Halal fintech Wahed ads depicting burning US dollars ruled ‘offensive’ by ASA  – UKTN

UK regulators have forced London-based Islamic fintech startup Wahed Invest to remove “offensive” ads depicting the burning of US dollars and Euro banknotes. 

The Advertising Standards Agency (ASA) received 75 complaints over six posters displayed in London Underground stations. The ads featured various figures setting fire to the currencies with text displaying messages including “Join the Money Revolution”, Withdraw from Exploitation” and “Withdraw from Riba”. 

Wahed, which provides financial services in keeping with Islamic traditions of ethical banking and investing, argued its ads were “thought-provoking” and “not offensive”. 

The group, which opened a physical bank location in London’s Baker Street in 2023, said 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. 

Wahed acknowledged the currencies could be seen as symbols of national identity but maintained that depictions of burning currencies were an effective reference to instances of hyperinflation that saw people burning excess worthless cash. It also pointed to phrases such as “money to burn” and money “burning a hole in one’s pocket”. 

The ASA ruled that the ads were in violation of the CAP Code, which states advertising must not contain anything likely to cause offence on grounds including race and nationality. 

The regulator acknowledged the intention behind the ads was not to cause offence but nonetheless was likely to be misconstrued, presenting a legitimate risk that viewers would misunderstand the intended meaning. 

The watchdog also noted that the ads placement in London’s public transportation system, which is frequented by tourists and visitors from around the world, presented a further risk that people from the cultures depicted would see and be offended by them. 

“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,” the ASA said. 

The ads must not appear again and Wahed has been told to ensure any further ads do not present images likely to cause offence. 

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