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The Banker to the poor
Muhammad Yunus born 28 June 1940 Chittagong, Bangladesh (then part of the British Raj) is an Bangladeshi banker, economist and Nobel Peace Prize recipient. As a professor of economics, he developed the concepts of microcredit and microfinance. These loans are given to entrepreneurs too poor to qualify for traditional bank loans. In 2006 Yunus and Grameen Bank received the Nobel Peace Prize "for their efforts through microcredit to create economic and social development from below".Yunus has received several other national and international honours. He was awarded the U.S. Congressional Gold Medal in 2010, and presented with it at a ceremony at the U.S. Capitol on 17 April 2013.
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In 2012, he became Chancellor of Glasgow Caledonian University in Scotland. He is a member of the advisory board at Shahjalal University of Science and Technology. Previously, he was a professor of economics at Chittagong University in Bangladesh. He published several books related to his finance work. He is a founding board member of Grameen America and Grameen Foundation, which support microcredit.
Yunus also serves on the board of directors of the United Nations Foundation, a public charity created in 1998 by American philanthropist Ted Turner’s $1 billion gift to support UN causes.
In March 2011, the Bangladesh government fired Yunus from his position at Grameen Bank, citing legal violations and an age limit on his position. Bangladesh's High Court affirmed the removal on 8 March. Yunus and Grameen Bank are appealing the decision, claiming Yunus' removal was politically motivated.
During the Bangladesh Liberation War in 1971, Yunus founded a citizen's committee and ran the Bangladesh Information Center, with other Bangladeshis in the United States, to raise support for liberation. He also published the Bangladesh Newsletter from his home in Nashville. After the War, he returned to Bangladesh and was appointed to the government's Planning Commission headed by Nurul Islam. However, he found the job boring and resigned to join Chittagong University as head of the Economics department. After observing the famine of 1974, he became involved in poverty reduction and established a rural economic program as a research project. In 1975, he developed a Nabajug (New Era) Tebhaga Khamar (three share farm) which the government adopted as the Packaged Input Programme.In order to make the project more effective, Yunus and his associates proposed the Gram Sarkar (the village government) programme.Introduced by president Ziaur Rahman in the late 1970s, the Government formed 40,392 village governments as a fourth layer of government in 2003. On 2 August 2005, in response to a petition by Bangladesh Legal Aids and Services Trust (BLAST) the High Court had declared village governments illegal and unconstitutional
Grameen Bank Further information:
Grameen family of organizations Grameen Bank Head Office at Mirpur-2, Dhaka In 1976, during visits to the poorest households in the village of Jobra near Chittagong University, Yunus discovered that very small loans could make a disproportionate difference to a poor person. Village women who made bamboo furniture had to take usurious loans to buy bamboo, and repay their profits to the lenders. Traditional banks did not want to make tiny loans at reasonable interest to the poor due to high risk of default.But Yunus believed that, given the chance, the poor will repay the money and hence microcredit was a viable business model. Yunus lent US$27 of his money to 42 women in the village, who made a profit of BDT 0.50 (US$0.02) each on the loan. Thus Yunus is credited with the idea of microcredit alongside Dr. Akhtar Hameed Khan, founder of the Pakistan Academy for Rural Development (now Bangladesh Academy for Rural Development), whom Yunus greatly admired.
The success of the Grameen microfinance model inspired similar efforts in about 100 developing countries and even in developed countries including the United States. Many microcredit projects retain Grameen's emphasis of lending to women. More than 94% of Grameen loans have gone to women, who suffer disproportionately from poverty and who are more likely than men to devote their earnings to their families.
For his work with Grameen, Yunus was named an Ashoka: Innovators for the Public Global Academy Member in 2001. In the book Grameen Social Business Model, Rashidul Bari shows how Grameen's social business model (GSBM)- has gone from being theory to an inspiring practice adopted by leading universities (e.g., Glasgow), entrepreneurs (e.g., Franck Riboud) and corporations (e.g., Danone) across the globe. Through Grameen Bank, Rashidul Bari claims that Yunus demonstrated how Grameen Social Business Model can harness the entrepreneurial spirit to empower poor women and alleviate their poverty. One conclusion from Yunus' concepts is that the poor are like a “bonsai tree”, and they can do big things if they get access to the social business that holds potential to empower them to become self-sufficient.
Yunus also serves on the board of directors of the United Nations Foundation, a public charity created in 1998 by American philanthropist Ted Turner’s $1 billion gift to support UN causes.
In March 2011, the Bangladesh government fired Yunus from his position at Grameen Bank, citing legal violations and an age limit on his position. Bangladesh's High Court affirmed the removal on 8 March. Yunus and Grameen Bank are appealing the decision, claiming Yunus' removal was politically motivated.
During the Bangladesh Liberation War in 1971, Yunus founded a citizen's committee and ran the Bangladesh Information Center, with other Bangladeshis in the United States, to raise support for liberation. He also published the Bangladesh Newsletter from his home in Nashville. After the War, he returned to Bangladesh and was appointed to the government's Planning Commission headed by Nurul Islam. However, he found the job boring and resigned to join Chittagong University as head of the Economics department. After observing the famine of 1974, he became involved in poverty reduction and established a rural economic program as a research project. In 1975, he developed a Nabajug (New Era) Tebhaga Khamar (three share farm) which the government adopted as the Packaged Input Programme.In order to make the project more effective, Yunus and his associates proposed the Gram Sarkar (the village government) programme.Introduced by president Ziaur Rahman in the late 1970s, the Government formed 40,392 village governments as a fourth layer of government in 2003. On 2 August 2005, in response to a petition by Bangladesh Legal Aids and Services Trust (BLAST) the High Court had declared village governments illegal and unconstitutional
Grameen Bank Further information:
Grameen family of organizations Grameen Bank Head Office at Mirpur-2, Dhaka In 1976, during visits to the poorest households in the village of Jobra near Chittagong University, Yunus discovered that very small loans could make a disproportionate difference to a poor person. Village women who made bamboo furniture had to take usurious loans to buy bamboo, and repay their profits to the lenders. Traditional banks did not want to make tiny loans at reasonable interest to the poor due to high risk of default.But Yunus believed that, given the chance, the poor will repay the money and hence microcredit was a viable business model. Yunus lent US$27 of his money to 42 women in the village, who made a profit of BDT 0.50 (US$0.02) each on the loan. Thus Yunus is credited with the idea of microcredit alongside Dr. Akhtar Hameed Khan, founder of the Pakistan Academy for Rural Development (now Bangladesh Academy for Rural Development), whom Yunus greatly admired.
The success of the Grameen microfinance model inspired similar efforts in about 100 developing countries and even in developed countries including the United States. Many microcredit projects retain Grameen's emphasis of lending to women. More than 94% of Grameen loans have gone to women, who suffer disproportionately from poverty and who are more likely than men to devote their earnings to their families.
For his work with Grameen, Yunus was named an Ashoka: Innovators for the Public Global Academy Member in 2001. In the book Grameen Social Business Model, Rashidul Bari shows how Grameen's social business model (GSBM)- has gone from being theory to an inspiring practice adopted by leading universities (e.g., Glasgow), entrepreneurs (e.g., Franck Riboud) and corporations (e.g., Danone) across the globe. Through Grameen Bank, Rashidul Bari claims that Yunus demonstrated how Grameen Social Business Model can harness the entrepreneurial spirit to empower poor women and alleviate their poverty. One conclusion from Yunus' concepts is that the poor are like a “bonsai tree”, and they can do big things if they get access to the social business that holds potential to empower them to become self-sufficient.
His journey to the poor......
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Answer of the million dollars question from a nine year old :
Do you think that the micro-credit will last long time?? |
Recognition :
List of awards received by Muhammad Yunus
Muhammad Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for their efforts to create economic and social development. In the prize announcement The Norwegian Nobel Committee mentioned:
Muhammad Yunus at the Grand Hotel in Oslo, Norway Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries. Loans to poor people without any financial security had appeared to be an impossible idea. From modest beginnings three decades ago, Yunus has, first and foremost through Grameen Bank, developed micro-credit into an ever more important instrument in the struggle against poverty. Muhammad Yunus was the first Bangladeshi to ever get a Nobel Prize. After receiving the news of the important award, Yunus announced that he would use part of his share of the $1.4 million award money to create a company to make low-cost, high-nutrition food for the poor; while the rest would go toward setting up an eye hospital for the poor in Bangladesh.
Muhammad Yunus at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland. He is one of only seven persons to have won the Nobel Peace Prize, Presidential Medal of Freedom, and the Congressional Gold Medal. Other notable awards include the Ramon Magsaysay Award in 1984, the World Food Prize, the International Simon Bolivar Prize (1996),the Prince of Asturias Award for Concord and the Sydney Peace Prize in 1998, and the Seoul Peace Prize in 2006. Additionally, Dr. Yunus has been awarded 50 honorary doctorate degrees from universities across 20 countries, and 113 international awards from 26 different countries including state honours from 10 countries.Bangladesh government brought out a commemorative stamp to honour his Nobel Award.
Professor Yunus was named by Fortune Magazine in March 2012 as one of 12 greatest entrepreneurs of the current era. In its citation, Fortune Magazine said ″Yunus' idea inspired countless numbers of young people to devote themselves to social causes all over the world.″
In January 2012, Professor Yunus featured in "Transformative Entrepreneurs: How Walt Disney, Steve Jobs, Muhammad Yunus and Other Innovators Succeeded" a book by Jeffrey Harris[disambiguation needed].
Professor Yunus was named "Nobel-Laureate-in-Residence" at Universiti Kebangsaan Malaysia (National University of Malaysia) on 15 July 2011.
Professor Yunus delivered the Seventh Nelson Mandela Annual Lecture.
In January 2008, Houston, Texas declared 14 January as "Muhammad Yunus Day".
On 15 May 2010, Yunus gave the commencement speech at Rice University for the graduating class of 2010. On 16 May 2010, Yunus gave the commencement speech at Duke University for the graduating class of 2010. During this ceremony, he was also awarded an honorary degree, Doctor of Humane Letters.
Professor Yunus was invited and gave the Wharton School of Business commencement address on 17 May 2009, the MIT commencement address on 6 June 2008, Adam Smith Lecture at Glasgow University on 1 December 2008 and Oxford's Romanes Lecture on 2 December 2008
He received the Dwight D. Eisenhower Medal for Leadership and Service from the Eisenhower Fellowships at a ceremony in Philadelphia on 21 May 2009. He was also voted 2nd in Prospect Magazine's 2008 global poll of the world's top 100 intellectuals.
Yunus was named among the most desired thinkers the world should listen to by the FP 100 (world's most influential elite) in the December 2009 issue of Foreign Policy magazine. On 1 March 2010, Yunus was awarded the prestigious Presidential Award from the University of Illinois at Urbana–Champaign. This is the highest honour available from the University.
Muhammad Yunus with Brazilian President Lula Da Silva in 2008 after winning Nobel Peace Prize. A documentary on Yunus' work titled To Catch a Dollar was shown at the 2010 Sundance Film Festival and is due to be released in theatres in the US on September 2010.
In 2010, The British Magazine New Statesman listed Muhammad Yunus at 40th in the list of "The World's 50 Most Influential Figures 2010".
In October 2010, He received the Social Entrepreneur of the Year Award at The Asian Awards.
On 22 September 2011 the documentary film, Bonsai People – The Vision of Muhammad Yunus, the first documentary film that looks his full body of work from microcredit to social business, premiered at the United Nations.
Yunus received 50 honorary doctorate degrees from universities from Argentina, Australia, Bangladesh, Belgium, Canada, Costa Rica, India, Italy, Japan, Korea, Lebanon, Malaysia, Russia, South Africa, Spain, Thailand, Turkey, UK, USA and Peru.
United Nations Secretary General, Ban Ki-Moon, invited Professor Yunus to serve as an MDG Advocate. Professor Yunus sits on the Board of United Nations Foundation, Schwab Foundation, Prince Albert II of Monaco Foundation, Grameen Credit Agricole Microcredit Foundation. He has been a member of Fondation Chirac's honour committee,ever since the foundation was launched in 2008 by former French president Jacques Chirac in order to promote world peace.
Yunus has appeared on The Daily Show with Jon Stewart and The Oprah Winfrey Show in 2006, The Colbert Report in 2008, Real Time with Bill Maher in 2009 and The Simpsons in 2010. On Google+, Professor Yunus is one of the most followed person worldwide, with over 1.7 million followers.
In 2012 Yunus was installed as Chancellor of Glasgow Caledonian University. U.S House and Senate leaders held a ceremony to present Professor Yunus with the Congressional Gold Medal on April 17, 2013 in Washington, D.C for his contributions to the fight against global poverty.
The Congressional Gold Medal is the highest civilian honor bestowed by the United States Congress. At the ceremony, which you can watch on YouTube, Sen. Dick Durbin (D-IL) explained why Yunus is such a visionary: "It's been said that almost anyone can make something complicated. It takes a genius to make something simple. My friends, make no mistake; Muhammad Yunus is a genius." The gold medal was awarded to Yunus with the 111th Congress Public Law 253
List of awards received by Muhammad Yunus
Muhammad Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for their efforts to create economic and social development. In the prize announcement The Norwegian Nobel Committee mentioned:
Muhammad Yunus at the Grand Hotel in Oslo, Norway Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries. Loans to poor people without any financial security had appeared to be an impossible idea. From modest beginnings three decades ago, Yunus has, first and foremost through Grameen Bank, developed micro-credit into an ever more important instrument in the struggle against poverty. Muhammad Yunus was the first Bangladeshi to ever get a Nobel Prize. After receiving the news of the important award, Yunus announced that he would use part of his share of the $1.4 million award money to create a company to make low-cost, high-nutrition food for the poor; while the rest would go toward setting up an eye hospital for the poor in Bangladesh.
Muhammad Yunus at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland. He is one of only seven persons to have won the Nobel Peace Prize, Presidential Medal of Freedom, and the Congressional Gold Medal. Other notable awards include the Ramon Magsaysay Award in 1984, the World Food Prize, the International Simon Bolivar Prize (1996),the Prince of Asturias Award for Concord and the Sydney Peace Prize in 1998, and the Seoul Peace Prize in 2006. Additionally, Dr. Yunus has been awarded 50 honorary doctorate degrees from universities across 20 countries, and 113 international awards from 26 different countries including state honours from 10 countries.Bangladesh government brought out a commemorative stamp to honour his Nobel Award.
Professor Yunus was named by Fortune Magazine in March 2012 as one of 12 greatest entrepreneurs of the current era. In its citation, Fortune Magazine said ″Yunus' idea inspired countless numbers of young people to devote themselves to social causes all over the world.″
In January 2012, Professor Yunus featured in "Transformative Entrepreneurs: How Walt Disney, Steve Jobs, Muhammad Yunus and Other Innovators Succeeded" a book by Jeffrey Harris[disambiguation needed].
Professor Yunus was named "Nobel-Laureate-in-Residence" at Universiti Kebangsaan Malaysia (National University of Malaysia) on 15 July 2011.
Professor Yunus delivered the Seventh Nelson Mandela Annual Lecture.
In January 2008, Houston, Texas declared 14 January as "Muhammad Yunus Day".
On 15 May 2010, Yunus gave the commencement speech at Rice University for the graduating class of 2010. On 16 May 2010, Yunus gave the commencement speech at Duke University for the graduating class of 2010. During this ceremony, he was also awarded an honorary degree, Doctor of Humane Letters.
Professor Yunus was invited and gave the Wharton School of Business commencement address on 17 May 2009, the MIT commencement address on 6 June 2008, Adam Smith Lecture at Glasgow University on 1 December 2008 and Oxford's Romanes Lecture on 2 December 2008
He received the Dwight D. Eisenhower Medal for Leadership and Service from the Eisenhower Fellowships at a ceremony in Philadelphia on 21 May 2009. He was also voted 2nd in Prospect Magazine's 2008 global poll of the world's top 100 intellectuals.
Yunus was named among the most desired thinkers the world should listen to by the FP 100 (world's most influential elite) in the December 2009 issue of Foreign Policy magazine. On 1 March 2010, Yunus was awarded the prestigious Presidential Award from the University of Illinois at Urbana–Champaign. This is the highest honour available from the University.
Muhammad Yunus with Brazilian President Lula Da Silva in 2008 after winning Nobel Peace Prize. A documentary on Yunus' work titled To Catch a Dollar was shown at the 2010 Sundance Film Festival and is due to be released in theatres in the US on September 2010.
In 2010, The British Magazine New Statesman listed Muhammad Yunus at 40th in the list of "The World's 50 Most Influential Figures 2010".
In October 2010, He received the Social Entrepreneur of the Year Award at The Asian Awards.
On 22 September 2011 the documentary film, Bonsai People – The Vision of Muhammad Yunus, the first documentary film that looks his full body of work from microcredit to social business, premiered at the United Nations.
Yunus received 50 honorary doctorate degrees from universities from Argentina, Australia, Bangladesh, Belgium, Canada, Costa Rica, India, Italy, Japan, Korea, Lebanon, Malaysia, Russia, South Africa, Spain, Thailand, Turkey, UK, USA and Peru.
United Nations Secretary General, Ban Ki-Moon, invited Professor Yunus to serve as an MDG Advocate. Professor Yunus sits on the Board of United Nations Foundation, Schwab Foundation, Prince Albert II of Monaco Foundation, Grameen Credit Agricole Microcredit Foundation. He has been a member of Fondation Chirac's honour committee,ever since the foundation was launched in 2008 by former French president Jacques Chirac in order to promote world peace.
Yunus has appeared on The Daily Show with Jon Stewart and The Oprah Winfrey Show in 2006, The Colbert Report in 2008, Real Time with Bill Maher in 2009 and The Simpsons in 2010. On Google+, Professor Yunus is one of the most followed person worldwide, with over 1.7 million followers.
In 2012 Yunus was installed as Chancellor of Glasgow Caledonian University. U.S House and Senate leaders held a ceremony to present Professor Yunus with the Congressional Gold Medal on April 17, 2013 in Washington, D.C for his contributions to the fight against global poverty.
The Congressional Gold Medal is the highest civilian honor bestowed by the United States Congress. At the ceremony, which you can watch on YouTube, Sen. Dick Durbin (D-IL) explained why Yunus is such a visionary: "It's been said that almost anyone can make something complicated. It takes a genius to make something simple. My friends, make no mistake; Muhammad Yunus is a genius." The gold medal was awarded to Yunus with the 111th Congress Public Law 253