Six adverts for an Islamic investment platform showing banknotes on fire have been banned after a regulator ruled they were likely to cause serious offence.
The posters for Wahed Invest, seen between September and November on Transport for London (TfL) services last year, featured US dollar and euro banknotes on fire.
The Advertising Standards Authority (ASA) received 75 complaints that the ads were offensive.
Wahed Invest said its intention was to “spark thought and awareness” and acknowledged the ASA’s feedback on the use of international currency.
The adverts featured images of Muslim preacher Ismail ibn Musa Menk and Russian former professional mixed martial artist Khabib Abdulmanapovich pointing at large text stating “Join the Money Revolution” above Wahed’s logo.
Three of the posters showed Mr Menk holding an open briefcase filled with US dollar and euro banknotes on fire, with two of them stating “Withdraw from Exploitation” and “Withdraw from Riba”.
Wahed said the burning of banknotes within the adverts was designed to show money “going up in flames” when inflation grew faster than the rate of savings.
Symbol of national identity
Wahed describes itself as an investment platform allowing consumers who are predominantly Muslim to invest in a manner which aligns with their faith and values.
It said it often used the term “Riba”, an Arabic word meaning “excess” and commonly used to describe the prohibition of interest under Islamic law.
Wahed told the ASA that it acknowledged that currencies were a symbol of national identity but believed the burning of banknotes was not offensive and was portrayed in popular culture, such as film and TV.
The ASA said the adverts would have been seen by many people, including people from the United States and eurozone countries, who “would have viewed their nation’s currency as being culturally significant”.
“Although we acknowledged Wahed Invest’s view that they had not directly criticised a specific group, and that depictions of burning banknotes were commonly encountered, we considered the burning of banknotes would have caused serious offence to some viewers,” the regulator said.
“We therefore concluded that the ads were likely to cause serious offence.”
A spokesperson for Wahed Invest said: “We understand that visuals like those included in our campaign can elicit strong reactions.
“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.”
TfL, which had paused all campaigns from Wahed Invest pending the outcome of the investigation, said it would apply the regulator’s findings “when considering any future campaigns”.
It has no Wahed Invest campaigns currently booked for its network.