Umar Munshi delves into his 23-year entrepreneurial journey, starting businesses from the age of 18 and navigating through significant ups and downs, including a major financial crisis due to a collapsed venture in Indonesia. Umar shares how these hardships led him to embrace Islamic finance, focusing on ethical business practices and avoiding interest-based transactions, which he believes have a detrimental effect on both business and society. He discusses the challenges of adhering to Islamic financial principles, particularly in real estate transactions in Singapore. Umar underscores the value of a strong support network of family and friends, the importance of learning from setbacks and maintaining integrity and faith in business. He also emphasizes continuous learning and adapting to market changes as essential for business growth, highlighting the shift towards socially responsible entrepreneurship and the significance of understanding local financial systems to navigate challenges effectively.
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