Title: Wahed Invest Fined by ASA for Controversial Ad Campaign in London

Title: Wahed Invest Fined by ASA for Controversial Ad Campaign in London

9 January 2025 – The Advertising Standards Authority (ASA) in the UK has banned a marketing campaign launched by New York-based fintech company Wahed Invest, which specializes in Sharia-compliant investments.

Wahed Invest’s ad campaign, active in London’s subway system from September to October, depicted burning dollar and euro bills alongside slogans like « Join the monetary revolution » and « Withdraw from Riba, » a term referring to Islam’s prohibition on usury. The ads also featured popular figures such as Muslim preacher Ismail Menk and former MMA fighter Khabib Nurmagomedov.

The ASA received 75 complaints about these advertisements, deeming them offensive. Wahed Invest defended its campaign by stating that the burning money symbolized the loss of value due to inflation, acknowledging however that this imagery could evoke strong reactions. The British regulator concluded that the ads were likely to cause significant offense, especially among Americans and Europeans for whom these currencies hold cultural significance.