Islamic fintech startup Wahed has defended its new London advertising campaign which has sparked controversy for featuring preacher Mufti Menk and imagery of a briefcase of burning US dollar bills and euros.
The advertisements, which have appeared on London buses and the underground, have been criticised by a number of newspapers as well as some Conservative members of the London assembly. In the past Menk has been banned from speaking at several UK universities, however, he has since retracted the comments, made more than 10 years ago, that caused this issue.
But in a robust defence, Wahed says “statistics have been overlooked in favour of sensationalism and click-bait journalism.” The company’s head of marketing added that it has no plans to alter its UK marketing strategy despite the backlash.
The campaign is part of Wahed’s #WithdrawFromRiba initiative — a term used to describe the earning of interest which is prohibited under Shariah rules.
Alongside Menk the advertisement also features ex-MMA fighter Khabib Nurmagomedov. The ad urges commuters to “withdraw from banks” and “withdraw from exploitation” by rejecting interest-based financial systems, which it says contribute to wealth inequality.
Wahed, backed by major investor Saudi Aramco, is looking to offer a range of Shariah-compliant financial products to savers and investors. It also recently established a Halal workplace pension with Smart Pension earlier this year, which offers investment opportunities that exclude industries like tobacco, alcohol, and firearms while also avoiding interest-based products.
Wahed says that the controversy around its latest advertisement has been fuelled by what it describes as “the right-wing media”. The company asserts that the campaign aims to “spotlight urgent issues.”
Economic issues
Wahed highlights that “UK household debt has reached alarming levels,” with an average of £65,380 per household and a debt-to-income ratio of 124 per cent by the end of 2023. Wahed pointed out that “interest on debt shifts wealth from the bottom 90 per cent to the wealthiest 10 per cent,” deepening inequality.
The company also notes the severe impact on mental health, with “over 420,000 people in debt considering suicide.” Wahed says that despite £102 billion spent on debt interest in 2023/24, the political focus remains on smaller cuts like Labour’s £1.5 billion reduction to winter-fuel payments.
Wahed head of marketing Thamid Hannan adds: “This is the current state of the real UK economy. Fundamentally our campaign aims to bring this to light. It is disappointing that these statistics have been overlooked in favour of sensationalism and click-bait journalism.”
Core message
Wahed chief risk officer Umer Suleman describes the campaign imagery as “powerful,” highlighting its depiction of how debt can erode wealth.
He says: “There were a number of reasons why the image was used. What we wanted to demonstrate is money being eroded. It’s quite powerful when you see it — your money’s going up in flames, it’s disappearing into the air.
“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.
“It was really simply trying to show the erosion of money in a way that people can understand. It does hit you visually. When we saw it, we understood it but for someone else, it may be shocking. It all depends on your perspective.”
Suleman explains that at the heart of the campaign’s message is that riba or interest is something which Wahed believes is “fundamentally detrimental to society”. He says that although ‘riba’ is a specific religious term, “it’s no different to what would have been termed interest or usury by other faith groups.”
He adds: “We’re saying move away from that. Rather than go into debt and build a life based on debt, go to better principles of building a life based on equity, or equitable principles. So the first step is to withdraw yourself from that which is diluting, weakening, actually dissolving or destroying your wealth.
“That’s what the withdrawal from riba campaign is about, move from those things which we believe are toxic to society.”
TfL
Sadiq Khan was questioned in the London Assembly over the approval of the ad featuring Menk.
Suleman says: “He’s just somebody who’s visibly Muslim and that’s at the heart of why it agitated certain parts of the media. It’s because he looks visibly Muslim. That’s actually quite disappointing because it becomes ad hominem rather than addressing the issues.”
Suleman emphasises that Wahed followed all the correct procedures to gain the TfL advertisement and that the company does not have a personal relationship with Khan.
He says: “We don’t speak for TfL, but we went through the entire process with them. We went through everything they required and they checked it. It’s not like there’s some shortcut trick to getting put on tubes or buses.
“We also don’t speak for Sadiq Khan, but him being targeted for it just seems like some sort of cheap point scoring and using us as the shoulder on which to place the shotgun. We don’t have an informal or formal relationship with him, other than just being a business in his city.”
Audience
The campaign is aimed at Wahed’s audiences in the UK, Malaysia, and the UAE only, with the company stating it has no plans to alter its UK marketing strategy despite the backlash.
Hannan says: “We do not plan on any adjustments and believe that financial inequality is very relevant for consumers both in the UK and abroad. ‘Withdraw from Riba’ is a campaign that focuses on shedding light on the growing financial inequality that exists in the UK and the inherent role that interest and loans play in this.”
He adds: “The overwhelming majority of comments has been positive. We’re fortunate to work with the brand ambassadors we do – who are world-renowned. The engagement we’ve created together has opened this to a much broader audience.
“Just the volumes of engagement, the clear resonance that people are showing to the campaign shows they are really getting on side, and starting to reflect on their own relationship with money and interest, which is ultimately what we wanted to do.”
Goal
Suleman emphasises Wahed’s mission to provide competitive financial products for Muslims that align with their values, stating, “We’re producing a product that is genuinely market efficient and competitive.”
But he stresses that Wahed’s services are open to everyone with only suitability assessments conducted to ensure investors can afford to participate.
He emphasises that their goal is to address the market gap for Muslims by providing accessible financial solutions that ultimately benefit society as a whole. He notes that their approach aligns with ESG and ethical principles, promoting less debt and reducing pressure on individuals, which can help combat rising depression rates.
Suleman says the company will focus on sustainable growth and compliance, differentiating itself from institutions with less transparent lending practices. He also acknowledges the challenges in an industry often lacking ethics, saying, “Financial services is not the marketplace of ethics,” and ultimately aims to create a financial service that fosters meaningful wealth growth for his community.
