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- Muhammad Yunus is an economist, microfinancing pioneer, and founder of the grassroots Grameen Bank, known for loaning billions to impoverished people all over the world. While teaching economics in his native Bangladesh, Yunus became aware of the extreme poverty in the country and the refusal of banks to offer credit to poor people.
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Apr 25, 2024 · Muhammad Yunus is a Bangladeshi economist and founder of the Grameen Bank, an institution that provides microcredit (small loans to poor people possessing no collateral) to help its clients establish creditworthiness and financial self-sufficiency. In 2006 Yunus and Grameen received the Nobel Prize.
- Who Is Muhammad Yunus?
- Understanding Muhammad Yunus
- History of Muhammad Yunus
- Criticism of Muhammad Yunus
Muhammad Yunus is a professor of economics who was awarded the 2006 Nobel Peace Prize for his efforts in developing social and economic improvements through microcredit and microloan operations. Most notably, Yunus founded the Grameen Bank, which is known for loaningbillions of dollars to impoverished people all over the world.
Muhammad Yunus is a Bangladeshi economist, best known as the founder of the grassroots Grameen Bank, a financial institution (FI) that provides small loans to poor people without any collateral. Yunus, who has since gone on to win numerous prestigious awards and accolades for his work, believes that credit is a basic human right. After years of stu...
Formative Years
Born in Bangladesh on June 28, 1940, Yunus completed his BA and MA at Bangladesh's Dhaka University. After graduating, he taught economics at Chittagong University, before receiving a Fulbright scholarship to study in the United States. In the early 1970s, Yunus completed his PhD in economics at Vanderbilt University. Following his studies, Yunus returned to Bangladesh to become the head of Chittagong University's economics department.
Banker to the Poor
Around the time of Yunus' return to Bangladesh, a famine had swept through the country. He became aware that the poor needed access to capital to start small businesses and that banks generally weren't willing to help them, either refusing requests outright or charging extortionate interest rates. In 1976, Yunus took matters into his own hands, loaning very small sums of money, reportedly $27, to 42 local women who needed to buy materials to produce their products. Traditional banks wouldn’t...
Awards
In 2006, Yunus became the first Bangladeshi to receive a Nobel Prize in any of the award disciplines. His country awarded a commemorative stamp to congratulate him. Yunus then pledged the $1.4 million in prize money to a company that wished to produce low-cost food for the poor, while using the rest to set up an eye hospital in his native community. As Yunus' achievements spread, more accolades followed. In 2008, he was listed as the second most important public intellectual by Prospect magaz...
Yunus' banking for the poor venture has come under attack from some quarters. Microfinance loans are said to carry unusually high interest rates, owing to a lack of collateral and the overheadsassociated with administering small loans. Yunus himself has even admitted that some organizations may have abused the microcredit system for profit. Another...
- Daniel Liberto
Muhammad Yunus is a Bangladeshi banker and recipient of the Nobel Peace Prize (2006). Yunus is credited with developing the concepts of microfinance and microcredit. These are schemes which offer small loans to the rural poor – to enable them to invest and lift themselves out of poverty.
Biography of Muhammad Yunus. Muhammad Yunus, born on June 28, 1940, in Chittagong, Bengal, India, is a Nobel Peace Prize laureate for the year 2006 and a professor of economics. He is the creator of Grameen Bank, a bank that pioneered microcredit lending to landless poor people and helped to improve the lives of millions of people in Asia.
“ Banker to the Poor” Professor Muhammad Yunus established the Grameen Bank in Bangladesh in 1983, fueled by the belief that credit is a fundamental human right. His objective was to help poor people escape from poverty by providing loans on terms suitable to them and by teaching them a few sound financial principles so they could help ...
Jun 11, 2018 · Nobel Prize-winning economist Muhammad Yunus (born 1940) has worked to make microlending and related social business models the norm rather than the exception in developing countries. Childhood Muhammad Yunus was born on June 28, 1940, in the Bangladeshi seaport of Chittagong, when the city was still part of India under British rule.
Dec 2, 2010 · 2 March 2011. Professor Yunus has earned international recognition for fighting poverty. Muhammad Yunus is often referred to as "the world's banker to the poor". His life's work has been to...
