Wahed Invest’s posters, featured on Transport for London (TfL) services, showed US dollar and euro banknotes on fire, alongside images of Muslim preacher Ismail ibn Musa Menk and former mixed martial artist Khabib Abdulmanapovich.

The ASA received 75 complaints, ruling that the ads were likely to cause serious offence.

Wahed Invest stated the burning banknotes were intended to symbolise money “going up in flames” due to inflation, and that the term “Riba”, meaning “excess”, was commonly used to describe the prohibition of interest under Islamic law. The firm acknowledged that currencies are a symbol of national identity but believed the imagery was not offensive, citing its use in popular culture, BBC reports.

However, the ASA concluded that the burning of banknotes, particularly those of significant cultural value to US and Eurozone viewers, was likely to cause serious offence. A spokesperson for Wahed Invest acknowledged the feedback and stated they recognise the importance of ensuring their messaging resonates positively.

TfL, which had paused Wahed Invest campaigns pending the investigation, said it would apply the regulator’s findings to future campaigns.