A thought-provoking campaign ignited controversy in the UK last year when a billboard advertising Wahed Invest, an Islamic finance start-up, featured images of a Muslim preacher and a retired mixed martial artist surrounded by burning US dollars. This bold marketing approach that sought to promote ethical investing aligned with Islamic values ended up sparking scores of complaints to the UK’s Advertising Standards Authority (ASA).
The campaign, appearing on tubes and buses, showcased imagery of Ismail ibn Musa Menk and Khabib Nurmagomedov alongside burning US currency, with captions urging viewers to “Join the Money Revolution” and “Withdraw from Exploitation”. The ads aimed to highlight the impacts of interest on financial inequality, emphasizing Wahed Invest’s mission to offer interest-free investment opportunities for its predominantly Muslim client base.
However, the ASA found the ads likely to cause serious offence, receiving a total of 75 complaints. The regulator believed that burning banknotes, especially US dollars and euros, could be culturally significant symbols and trigger strong reactions among viewers from Eurozone countries or the US. As a result, the ASA instructed Wahed Invest to avoid featuring images of burning banknotes in future campaigns to prevent causing offence.
In response to the investigation, Wahed Invest defended its creative choices, arguing that the burning banknotes were intended as a powerful visual representation of the diminishing value of money stored in ways that did not keep pace with inflation. The company highlighted the limited alternatives available to Muslims who opposed interest-based financial practices and emphasized the importance of offering ethical investment options that align with religious beliefs.
Despite the controversy, Wahed Invest’s intention was to provoke thought and raise awareness about financial equality through its ads. The company acknowledged the importance of crafting messages that positively resonate with diverse audiences, recognizing the need to strike a balance between impactful visuals and sensitive cultural references.
Moving forward, Wahed Invest has committed to ensuring that its future advertising campaigns avoid causing serious offence, aligning with the UK advertising code’s guidelines on respectful and non-offensive communication. The company’s mission to provide ethical investment opportunities remains unwavering, emphasizing the importance of empowering individuals to make financial choices that reflect their values and beliefs.
In light of the ASA’s ruling, Wahed Invest aims to continue its commitment to ethical investing while upholding cultural sensitivities and fostering positive dialogues around financial equality and social responsibility. By steering clear of divisive imagery and focusing on inclusive messaging, the company strives to engage a diverse audience and promote meaningful conversations about the impact of financial practices on society as a whole.
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