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Professor Muhammad Yunus established the Grameen Bank in the People's Republic of Bangladesh in 1983, burning by the idea that credit could be a basic right. His objective was to facilitate |to assist} poor people shake off poverty by providing loans on terms appropriate to them and by teaching them many sound money principles so that they may help themselves.
From Dr. Yunus’ personal loan of tiny amounts of cash to impoverished basketweavers in the People's Republic of Bangladesh within the mid-70s, the Grameen Bank has advanced to the forefront of a burgeoning world movement toward eradicating poverty through micro-financing. Replicas of the Grameen Bank model operate in additional than one hundred countries worldwide.
Muhammad Yunus education and private life
Yunus was born on twenty-eight June 1940 to a Muslim family in Hathazarai, Chittagong. In 1940, that was a part of British-controlled India. But, when independence in 1947, it became East Pakistan. (and later Bangladesh)
Yunus was a superb student, changing into one of the most effective students within the year at Chittagong collegiate school, and later Chittagong college. He completed a BA degree in social science at the capital of Bangladesh University in 1960, and his MA in 1961.
After graduation, he taught social science at Chittagong faculty and served as a search assistant under Nurul Islam. In 1965 he gained a Fulbright scholarship to study within the United Nations. Later in 1971, he gained a ph.D. in social science from the Vanderbilt University Graduate Program in Economic Development. He conjointly worked as a prof of social science at Middle Tennessee State University.
In 1970, he met Vera Forostenko a Russian migrator to the United States of America. they'd one kid, Monica Yunus, however, Vera did not want to live in Bangladesh. Vera returned to New Jersey in America and said that Bangladesh was not a good place to raise a baby. For this reason the couple split. Yunus later married Afrozi Yunus, who was a researcher in physics at Manchester University, Uk. She was appointed as a professor of physics at Jahangirnagar University, Bangladesh. and that they had one girl Deena Afroz Yunus.
A tiny work without border
From 1993 to 1995, faculty member Yunus was a member of the International informative group for the Fourth World Conference on girls, a post to that he was appointed by the United Nations secretary-general. He has served on the world Commission of Women’s Health, the informative Council for sustainable Economic Development and also the United Nations professional group on girls and Finance.
Microcredit and Microfinance
Yunus determined to lend a number of his own cash to forty-two ladies within the village of Jobra, close to urban center. it had been only a complete of US$27, and he was repaid with a profit of $0.02 on every loan. This convinced him microloans were a viable business model.
In 1976, the Bangladeshi government in agreement to support the enlargement of this theme, giving a loan to make the Janata Bank. The theme grew and proved successful. In 1983, the bank was renamed the Grameen Bank (‘Village Bank’). It's business model was quite easy, native individuals would group along and apply for a loan. The group of people would act as co-guarantors and facilitate to support one another. Grameen states that ninety-seven of loans are repaid. (Grameen Bank) Muhammad Yunus is attributable to the creation of microfinance and microcredit beside Dr. Akhtar Hameed Khan.
A feature of the theme is that it placed nice stress on disposal to ladies, WHO were additional doubtless to be excluded from ancient money systems. Yunus also states that girls are wont to creating the most of their meager resources and then observe clients. The Bank also needs people to prove that they own but half an acre. The microlending became a part of the Grameen Social Business Model, that offers various methods to beat rural financial condition and empower previously economically disfranchised people, particularly women.
Awards and Honors
the Mohamed Shabdeen Award for Science (1993), Sri Lanka;
Humanitarian Award (1993), CARE, USA;
World Food Prize (1994), World Food Prize Foundation, USA;
independence Day Award (1987), Bangladesh’s highest award;
King Hussein Humanitarian Leadership Award (2000), King Hussien Foundation, Jordan;
Volvo Environment Prize (2003), Volvo Environment Prize Foundation, Sweden;
Nikkei Asia Prize for Regional Growth (2004), Nihon Keizai Shimbun, Japan;
Franklin D. Roosevelt Freedom Award (2006), Roosevelt Institute of The Netherlands;
the Seoul Peace Prize (2006), Seoul Peace Prize Cultural Foundation, Seoul, Korea.
Muhammad Yunus was awarded the Nobel Peace Prize in n 2006,
Mohammad Yunus is a member of the board of the United Nations Foundation.
He awards over 50 honorary doctorate awards.
Writing Books
Building Social Business: The New Kind of Capitalism That Serves Humanity’s Most Pressing Needs (2010)
A World of Three Zeroes: The New Economics of Zero Poverty, Zero Unemployment, and Zero Net Carbon Emissions (2017)
Banker to the Poor: The Autobiography of Muhammad Yunus, Founder of Grameen (Co-author: Alan Jolis); Oxford University Press;
Some latest news about Muhammad Yunus
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Labour Court issues an arrest warrant against Bangladesh’s only Nobel laureate Dr. Yunus
A warrant has been issued against Bangladesh’s only Nobel laureate Dr. Muhammad Yunus during a case filed over the extrajudicial sacking of workers in Grameen Communications. Dhaka third Labour Court Chairman Rohibul Islam issued the warrant on Wednesday. see full news click here.
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