UDR / Kuwait Finance House Joint Venture to Target Key U.S. Markets [View article]
Please read the truth about UDR at udrfraud.com after reading the following comment:
NYSE:UDR, CFO, DAVID MESSENGER FLUBS INTERVIEW AND DEMONSTRATES A COMPLETE LACK OF UNDERSTANDING OF THE JOINT VENTURE AGREEMENT WITH KUWAIT FINANCE HOUSE
UDR, CFO, David Messenger was apparently caught off guard - what is he talking about? Pork? Delis? Cinematography?
How could he, as a representative of UDR, promise Kuwait Finance House that UDR tenants would not serve pork in their delis? And how could he even know that 8 of their 160 properties had tenants that owned delis? He doesn’t even know that the rats are eating through the walls at more than 8 of the 160 properties, much less the occupation of the tenants! This is a snapshot of how over their head UDR executives are in this deal.
Go to udrfraud.com to read over 15 articles written about UDR in the past six months that will give you more information than you could even imagine about this woefully inept company.
You've got to read this interview:
Kuwait Islamic Bank Successfully Imposes Shariah in the USA, Courtesy of UDR
Earlier today, we posted a link to an article that mentioned that Kuwait Islamic Bank had entered into a joint venture with Colorado-based real estate company UDR:
"Shariah Compliant Sovereign Wealth Funds Resume Investing in West"
We were curious as to what, if any, restrictions were to be imposed on the real estate properties in which Kuwait Islamic Bank invested here in the United States, so we made an inquiry via UDR’s “contact us” form on the company’s web site.
The company was quick to reply as, within minutes, we received a phone call from Dave Messenger, CFO of UDR.
I asked Mr. Messenger two questions:
1. What, if any, special restrictions or qualifications relating to Shariah were required in the deal with Kuwait Islamic Bank?
2. Are zakat payments to be made as part of this venture?
Mr. Messenger did not attempt to address question number 2, but referred me to Kuwait Finance House to get an answer to that question.
Mr. Messenger was also quite insistent that UDR’s agreement was in fact with Kuwait Finance House and not with Kuwait Islamic Bank. We regard this as a distinction without a difference, since Kuwait Finance House is an arm of Kuwait Islamic Bank. In all the media being devoted to this new deal, the entity identified is in fact Kuwait Islamic Bank.
Mr. Messenger was able to provide much more information in response to question number 1.
His answer was troubling, right from the outset.
First of all, he mispronounced “shariah.” Shariah is pronounced shu-ree-uh. Messenger pronounced it shu-rye-uh.
It does not inspire a great deal of confidence in terms of due diligence when the CFO of the American entity which entered into the agreement with an Islamic bank cannot even correctly pronounce the name of the underlying doctrine which governs their joint venture partner.
Messenger was not bashful at all about the issue of shariah-compliance.
He declared that the entire agreement was written to be shariah-compliant to make sure that the joint venture properties fit in with their partners’ religion.
When asked about specific provisions that he knew about to establish and maintain shariah compliance, Messenger named two: “cinematography and food served on the property.”
I asked what he meant by cinematography and he explained that some of their properties include movie theaters.
Evidently, Kuwait Finance House/Kuwait Islamic Bank wants to make sure that no offensive movies are shown on properties in which they invest.
In terms of “food served on property” Messenger explained that no pork would be served on the property at functions put on by UDR.
I asked him if any of the properties leased to sandwich shops or delis or such. He said that 8 of their 160 properties did have such tenants.
Again, evidently, those businesses would be prohibited from serving pork to prevent any conflict with shariah or the religion of UDR’s venture partners.
Messenger explained that potential conflicts with shariah were addressed up front with the JV partners and would continue to be addressed up front to prevent conflicts.
What has clearly happened here is that Kuwait Islamic Bank has been able to impose shariah here in the United States by using its financial leverage over UDR.
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Please read the truth about UDR at udrfraud.com after reading the following comment:
Aug 19 10:09 AM
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All Comments by Beatty Hanslinger »UDR / Kuwait Finance House Joint Venture to Target Key U.S. Markets [View article]
NYSE:UDR, CFO, DAVID MESSENGER FLUBS INTERVIEW AND DEMONSTRATES A COMPLETE LACK OF UNDERSTANDING OF THE JOINT VENTURE AGREEMENT WITH KUWAIT FINANCE HOUSE
UDR, CFO, David Messenger was apparently caught off guard - what is he talking about? Pork? Delis? Cinematography?
How could he, as a representative of UDR, promise Kuwait Finance House that UDR tenants would not serve pork in their delis? And how could he even know that 8 of their 160 properties had tenants that owned delis? He doesn’t even know that the rats are eating through the walls at more than 8 of the 160 properties, much less the occupation of the tenants! This is a snapshot of how over their head UDR executives are in this deal.
Go to udrfraud.com to read over 15 articles written about UDR in the past six months that will give you more information than you could even imagine about this woefully inept company.
You've got to read this interview:
Kuwait Islamic Bank Successfully Imposes Shariah in the USA, Courtesy of UDR
Earlier today, we posted a link to an article that mentioned that Kuwait Islamic Bank had entered into a joint venture with Colorado-based real estate company UDR:
"Shariah Compliant Sovereign Wealth Funds Resume Investing in West"
We were curious as to what, if any, restrictions were to be imposed on the real estate properties in which Kuwait Islamic Bank invested here in the United States, so we made an inquiry via UDR’s “contact us” form on the company’s web site.
The company was quick to reply as, within minutes, we received a phone call from Dave Messenger, CFO of UDR.
I asked Mr. Messenger two questions:
1. What, if any, special restrictions or qualifications relating to Shariah were required in the deal with Kuwait Islamic Bank?
2. Are zakat payments to be made as part of this venture?
Mr. Messenger did not attempt to address question number 2, but referred me to Kuwait Finance House to get an answer to that question.
Mr. Messenger was also quite insistent that UDR’s agreement was in fact with Kuwait Finance House and not with Kuwait Islamic Bank. We regard this as a distinction without a difference, since Kuwait Finance House is an arm of Kuwait Islamic Bank. In all the media being devoted to this new deal, the entity identified is in fact Kuwait Islamic Bank.
Mr. Messenger was able to provide much more information in response to question number 1.
His answer was troubling, right from the outset.
First of all, he mispronounced “shariah.” Shariah is pronounced shu-ree-uh. Messenger pronounced it shu-rye-uh.
It does not inspire a great deal of confidence in terms of due diligence when the CFO of the American entity which entered into the agreement with an Islamic bank cannot even correctly pronounce the name of the underlying doctrine which governs their joint venture partner.
Messenger was not bashful at all about the issue of shariah-compliance.
He declared that the entire agreement was written to be shariah-compliant to make sure that the joint venture properties fit in with their partners’ religion.
When asked about specific provisions that he knew about to establish and maintain shariah compliance, Messenger named two: “cinematography and food served on the property.”
I asked what he meant by cinematography and he explained that some of their properties include movie theaters.
Evidently, Kuwait Finance House/Kuwait Islamic Bank wants to make sure that no offensive movies are shown on properties in which they invest.
In terms of “food served on property” Messenger explained that no pork would be served on the property at functions put on by UDR.
I asked him if any of the properties leased to sandwich shops or delis or such. He said that 8 of their 160 properties did have such tenants.
Again, evidently, those businesses would be prohibited from serving pork to prevent any conflict with shariah or the religion of UDR’s venture partners.
Messenger explained that potential conflicts with shariah were addressed up front with the JV partners and would continue to be addressed up front to prevent conflicts.
What has clearly happened here is that Kuwait Islamic Bank has been able to impose shariah here in the United States by using its financial leverage over UDR.
This is the essence of Shariah-Compliant Finance.
BH
See: islaminaction08.blogsp...