London: Muslim fintech Wahed Invest sanctioned for its controversial advertising

The British Advertising Standards Authority (ASA) has just banned an advertising campaign from Wahed Invest, a fintech based in New York and launched in 2017 in the United States, specializing in investments compliant with Islamic law.

The campaign, deployed between September and October on the London Underground, featured burning dollar and euro notes, accompanied by slogans like “Join the monetary revolution” and “Get out of the Riba” (a reference to the ban Islamic usury). Also included were Muslim preacher Ismail Menk and former MMA champion Khabib Nurmagomedov.

The ASA, which received 75 complaints, found these advertisements offensive. The company, backed by Saudi Aramco and Paul Pogba, defended its campaign by explaining that these images symbolized the loss of value of savings in the face of inflation, while recognizing that these visuals could provoke strong reactions. The British regulator concluded that the campaign was “likely to cause serious offense”, particularly among American and European nationals for whom these currencies represent an important cultural symbol.