The Advertising Standards Authority (ASA) has banned six posters from Islamic fintech startup Wahed’s TfL campaign due to concerns over its content and messaging, with Wahed acknowledging that “visuals like those included in our campaign can elicit strong reactions.”
The campaign, displayed on London buses and the Underground, aimed to promote an alternative financial system and featured imagery such as a briefcase filled with burning US dollar and Euro banknotes. It included taglines such as “Join the Money Revolution” and “Withdraw from Exploitation” which Wahed says highlights issues with interest-based systems and aims to promote a fairer financial alternative.
But despite disclaimers like “Wahed Invest Ltd is authorised and regulated by the Financial Conduct Authority,” the ASA found the campaign needed refinement to meet financial advertising standards.
The ads, which received 75 complaints, drew controversy in the media back in September and October, particularly for including preacher Mufti Menk. Wahed responded to the criticism saying “statistics have been overlooked in favour of sensationalism and click-bait journalism.”
Wahed chief risk officer Umer Suleman said at the time: “What we wanted to demonstrate is money being eroded. We use that in our vernacular, ‘he burns through his money.’ It was that kind of mentality. You look at it and it’s disappearing but it needed something to show what was causing it to disappear and it burning gives you that visual.”
As part of the ASA’s review, Wahed addressed the concerns raised. The company defended its advertising campaign, explaining that the ads were intended to promote ethical investing aligned with Islamic principles, with the term “Riba” used to highlight the prohibition of interest. It clarified that the burning of banknotes symbolised the loss of value due to inflation, not a criticism of specific groups.
Wahed pointed out that although currency serves as a symbol of national identity, they did not view the burning of banknotes as offensive, citing its portrayal in popular culture, including film and TV. The startup cited examples of money being burned during hyperinflation and emphasised terms that are frequently used to describe spending, such as “money to burn” and “burning a hole in my pocket.” Wahed argued that if burning money was truly offensive, such expressions would not be so widely understood and frequently used in society.
TfL halted the advertisements after receiving some complaints. Global, its advertising partner, however, had examined the campaign and thought it adhered to the CAP Code, which guarantees that advertisements be truthful, socially responsible, and lawful. The advertisements have since been taken down.
The ASA says: “We acknowledged Wahed Invest’s view that the burning of banknotes illustrated that money which grew at a rate lower than inflation decreased in value in real terms. The ads represented the expression that viewers’ money was ‘going up in flames’ and that images of burning money were commonly encountered.
“However, regardless of whether viewers would have understood that message or understood it as a defiant act designed to show a challenge to financial institutions, the currencies which were burned in all of the ads were clearly visible as US dollar and Euro banknotes.
“The ads were shown on several sites across the TfL network, including on London Underground tubes, which was an untargeted medium, and they were therefore likely to be seen by many people. It was also a service regularly used by tourists.
“Due to the vast number of people who used TfL services and because London was a tourist hotspot, people from the United States or Eurozone countries would have seen the ads.”
A spokesperson for Wahed says: “While the ASA noted in its ruling that this campaign was reviewed and approved by Transport for London due to compliance with their ad policy and interpretation of The UK Code of Non-broadcast Advertising (CAP code), 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. Many of our clients elect to not receive interest income on their savings due to religious prohibitions on interest and yet still feel the effects of inflation, thus ‘burning’ their purchasing power. Of course, this is not only limited to those who forgo interest on their savings. In the UK the ‘cost of living crisis’ is undoubtedly a conversation about inflation.
“While our intention was to spark thought and awareness, we recognise the importance of ensuring that messaging resonates positively with the diverse audiences that may consume them. We acknowledge and appreciate the ASA’s feedback on the use of international currency.
“We are committed, as always, to its mission of creating ethical financial products that avoid interest and improve financial literacy within communities adhering to faith-based principles.”
The ASA accepted Wahed’s position that they did not target any particular demographic. However, the ASA concluded that the visual was likely to offend some viewers. It has directed Wahed to ensure that any future advertisements don’t contain content that could offend.