The Advertising Standards Authority has banned several advertisements for investment platform Wahed Invest which showed banknotes on fire.

The watchdog deemed the adverts caused serious offence and told the Halal-focused investment platform that it must ensure future adverts do not cause offence.

The adverts, on London Underground tubes and TFL buses in September and October 2024, featured images of burning US dollar and/or Euro banknotes.

The advertising watchdog received 75 complaints that the adverts were offensive.

Under advertising CAP Code ads must not contain anything that is likely to cause serious or widespread offence.

Wahed Invest, which provides a variety of investment products including SIPPs, told the watchdog that although their ads were thought-provoking, they believed they were not offensive.

They explained they were a digital investment platform which allowed consumers who were predominantly Muslim to invest in an ethical manner which aligned with their faith and values.

They said a major component of their platform was that it did not charge consumers interest on loans. They explained that their ads often used the term ‘Riba’, which was an Arabic word that meant ‘excess’ and was commonly used to describe the prohibition of interest under Islamic Shariah law.

They said the burning of banknotes within their ads was designed to be a powerful visual illustration that money stored in a way that was growing at a rate lower than inflation created a decrease in value and purchasing power in real terms. The purpose of the ads was therefore to show that, when inflation grew faster than the rate of savings, money was akin to ‘going up in flames’. They believed all viewers, including those who were not Muslim, would have understood that expression.

The advertising watchdog said that whether viewers would have understood the message or not, the currencies of the notes were clearly visible, therefore those viewing the adverts could have seen the burning of national currency as being culturally significant and a symbol of their national identity.

The advertising campaign consisted of six posters.

The first poster featured images of two men pointing upwards with their index fingers, and US dollar banknotes on fire. Large text stated, “Join the Money Revolution” above the advertiser’s logo. Smaller text stated, “Capital at risk.

The second poster featured similar images as seen in ad (a) of two men pointing upwards with their index fingers, and US dollar banknotes on fire. Large text stated, “Join the Money Revolution”.

The third poster included the same text and small print as ad (a). The image showed a man holding an open briefcase filled with US dollar and Euro banknotes on fire.

The fourth poster included the same briefcase image as ad (c), and the same small print as the other ads. A large heading stated, “Withdraw from Exploitation”. Text below stated, “Charging people to borrow money was once called exploitation. Sadly, that perception has changed and now interest has caused a massive wealth gap, enriching the few while the majority get poorer. Join the growing community moving their money to a fairer system, one that serves you! Download Wahed now. Join the Money Revolution”.

The fifth poster included the same briefcase image as ad (c). Large text stated, “Withdraw from Riba”. Smaller text stated, “Join the Money Revolution. Capital at risk”.

The sixth poster included the same text and small print as ad (a). It featured a similar image seen in ad (a) of one man pointing upwards and US dollar and Euro banknotes on fire.