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Muhammad Yunus

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For the Indian diplomat, see Mohammad Yunus (diplomat).
মুহাম্মদ ইউনূস
Muhammad Yunus
Born (1940-06-28) June 28, 1940 (age 84)
Chittagong, British India
NationalityBangladesh Bangladeshi
OccupationFounder of Grameen Bank
SpouseAfrozi Yunus
Children2

Dr. Muhammad Yunus (Bengali: মুহাম্মদ ইউনুস, pronounced [Muhammôd Iunus] Error: {{Lang}}: text has italic markup (help)) (born June 28 1940) is a Bangladeshi banker and economist. A former professor of economics, he is famous for his successful application of the concept of microcredit, the extension of small loans to entrepreneurs too poor to qualify for traditional bank loans. Yunus is also the founder of Grameen Bank. In 2006, Yunus and the bank were jointly awarded the Nobel Peace Prize, "for their efforts to create economic and social development from below."[1] Yunus himself has received several other international honors, including the ITU World Information Society Award, Ramon Magsaysay Award, the World Food Prize and the Sydney Peace Prize. He is the author of Banker to the Poor and a founding board member of Grameen Foundation.

Early years

Yunus was born in 1940 in the village of Bathua, in Hathazari, Chittagong, British India.[2] His father's name is Hazi Dula Mia Shoudagar, and mother's name is Sofia Khatun. His early childhood years were spent in the village. In 1944, his family moved to the city of Chittagong, where his father had a jewelery business.[2]

He studied at his village school in the early years. When his family moved to Chittagong, he enrolled in the Lamabazar Primary School. Later, he studied at Chittagong Collegiate School and passed the matriculation examination, in which he secured the 16th position among 39,000 students in East Pakistan. During his school years, he was an active Boy Scout, and traveled to West Pakistan and India in 1952. In 1955, he attended the World Scouts Jamboree in Canada as part of the Pakistan contingent. On the way back, he traveled through Europe and Asia by road. Later, Yunus got himself enrolled into Chittagong College where he was active in cultural activities and got awards for acting in dramas.[3]

In 1957, he enrolled in the department of economics at Dhaka University and completed his BA in 1960 and MA in 1961. Following his graduation, Yunus joined the Bureau of Economics. There he worked as research assistant to the economical researches of Professor Nurul Islam and Rehman Sobhan.[3] Later he was appointed as a lecturer in economics in Chittagong College in 1961.[3] He was offered a Fulbright scholarship in 1965 to study in the United States. He obtained his Ph.D. in economics from Vanderbilt University in the United States in 1969. From 1969 to 1972, Yunus was an assistant professor of economics at Middle Tennessee State University in Murfreesboro, TN.

Bangladesh Liberation War

When the Liberation War of Bangladesh started in 1971, Yunus joined the activities of raising support for the liberation war. With other Bangladeshis living in the United States, he founded a citizen's committee and ran the Bangladesh Information Center[3]. He also published the Bangladesh Newsletter from his home in Nashville. After Bangladesh won the war of independence on December 16 1971, Yunus decided to move back to participate in the work of nation building. On his return he was appointed to the government's Planning Commission headed by Nurul Islam. He found the job boring and resigned to join Chittagong University as head of the Economics department.[4]

Rural development

Yunus first got involved in fighting poverty after observing the disastrous effects of the famine of 1974. During this time, he 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.[3] In order to make the project more effective, Yunus and his associates proposed another project called 'Gram Sarkar' (the village government).[5] The government adopted it in 1980, but the succeeding regime later lifted it away[citation needed].

Founding of the Grameen Bank

In 1976 during visits to the poorest households in the village of Jobra near the university, Yunus discovered that very small loans could make a disproportionate difference to a poor person. His first loan consisted of USD 27.00 from his own pocket, which he lent to 42 women in the village of Jobra — near Chittagong University — who made bamboo furniture.[2] They had to take out usurious loans in order to buy bamboo. They then sold these items to the moneylenders to repay them. With a net profit of BDT 0.50 (USD 0.02), the women were unable to support their families.

The concept of providing credit to the poor as a tool of poverty reduction was not unique. Dr. Akhtar Hameed Khan (founder of Pakistan Academy for Rural Development now Bangladesh Academy for Rural Development) is credited for pioneering the idea[6]. However, from his experience at Jobra Yunus, an admirer of Dr. Hamid[6], realized that an institution is needed to be created to lend to those who had nothing[7]. While, traditional banks were not interested in making tiny loans at reasonable interest rates to poor people, because of high repayment risks[8], Yunus believed that given the chance the poor will repay the borrowed money and hence microcredit could be a viable business model.

In December 1976 Yunus finally succeeded in securing a loan from the government Janata Bank to lend it to the poor in Jobra. The institution continued to operate by securing loans from other banks for its projects. By 1982, the bank had 28,000 members. On October 1 1983 the pilot project began operations as a full-fledged bank and was renamed the Grameen Bank (Grameen means "of rural area", "of village") to make loans to poor Bangladeshis.

The growth of Grameen Bank

Grameen Bank Head Office at Mirpur-2, Dhaka
Main article: Grameen Bank

The Grameen Bank has issued more than US$ 6 billion to 7 million borrowers[citation needed]. To ensure repayment, the bank uses a system of "solidarity groups". These small informal groups apply together for loans and its members act as co-guarantors of repayment and support one another's efforts at economic self-advancement.[5] As it has grown, the Grameen Bank has also developed other systems of alternate credit that serve the poor. In addition to microcredit, it offers education loans and housing loans as well as financing for fisheries and irrigation projects, venture capital, textiles, and other activities, along with other banking services such as savings.

The success of the Grameen model has inspired similar efforts throughout the developing world and even in industrialized nations, including the United States. The Grameen model of micro financing has been emulated in 23 countries[citation needed]. Many, but not all, microcredit projects also retain its emphasis on lending specifically to women. More than 96% 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.[9] For his work with the Grameen Bank, Yunus was named an Ashoka: Innovators for the Public Global Academy Member in 2001.[10]

Other Grameen initiatives

Main article: Grameen family of organizations

Over time, the Grameen initiative has grown into a multi-faceted group of profitable and non-profit ventures, including Grameen Trust, Grameen Fund, Grameen Communications, Grameen Shakti (Grameen Energy), Grameen Telecom, Grameen Shikkha (Grameen Education), Grameen Mothsho, Grameen Baybosa Bikash (Grameen Business Development), Grameen Phone, Grameen Software Limited, Grameen CyberNet Limited, Grameen Knitwear Limited, and Grameen Uddog (owner of the brand Grameen Check).[11]

The Grameen Phone (GP) telecommunication project has evolved to become Bangladesh's biggest private phone company with more than 10 million subscribers as of November 2006.[12] The Village Phone (Polli Phone; spelling পল্লি ফোন; pronounciation [pôl'li fôn] Error: {{Lang}}: text has italic markup (help)) project of GP has brought cell-phone ownership to 260,000 rural poor in over 50,000 villages since the beginning of the project in March 1997.[13] The project works on the basic idea of providing small loans to rural women to buy cellular phones to set up "public call centers" at their homes. Income generated by the call centers is used to pay off the loans.

Grameen Star Education was a project where students could take courses on currently needed sectors; they could also use this as a Multi Level Marketing (MLM) source. Grameen took this step to prevent foreign MLMs from rushing into Bangladesh.

Awards and recognitions

Additionally, Dr. Yunus has been awarded 27 honorary doctorate degrees (all but one a doctorate), and 15 special awards.[21]

Nobel prize

File:Yunus oslo photo.jpg
Muhammad Yunus accepting the Nobel Peace Prize for 2006.
Photo Credit:Ken Opprann © The Norwegian Nobel Institute 2006

Former U.S. president Bill Clinton was a vocal advocate for the awarding of the Nobel Prize to Muhammed Yunus. He expressed this in Rolling Stone magazine[22] as well as in his autobiography My Life.[23] In a speech given at University of California, Berkeley in 2002, President Clinton described Dr. Yunus as "a man who long ago should have won the Nobel Prize [and] I’ll keep saying that until they finally give it to him."[24]

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:[1]

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 and third Bengali 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.[25]

Political activity

Clean candidate campaign

As an active member of the Civil Society of Bangladesh Muhammad Yunus has been vocal about different socio-political issues in later years of his life. In early 2006 he, along with other members of the civil society including Prof Rehman Sobhan, Justice Muhammad Habibur Rahman, Dr Kamal Hossain, Matiur Rahman, Mahfuz Anam and Debapriya Bhattchariya, participated in a campaign for honest and clean candidates in national elections[26].

Citizen's Power

Yunus considered entering politics in late 2006[27]. On February 11, 2007, Yunus created a stir of interest among Bangladeshis living both abroad and in the country, after he wrote an open letter that was published in the Bangladeshi newspaper Daily Star. In his letter, he asked citizens for views on his plan to float a political party to establish political goodwill, proper leadership and good governance and build a new Bangladesh. He observed that the current political climate seeks to destroy the potential of the country and so without a comprehensive change there, it would never be possible to take the nation "to the height it deserves." In the letter, he called on everyone to briefly outline how he should go about the task and how they can contribute to it.[28]

Yunus finally announced the foundation of a new party called Citizens' Power (Nagorik Shakti) on February 18, 2007.[29] He said, however, that this was not the final decision on the name of the party, and that the final decision would be taken by the end of February 2007.[30] His political party was intended to be totally different from traditional ones and democratic from the grassroots level.

There was speculation that the army supported a move by Yunus into politics.[31] On May 3, however, Yunus said that he had decided to abandon his political plans following a meeting with the head of the interim government, Fakhruddin Ahmed.[32]

Global Elders

On July 18 2007 in Johannesburg, South Africa, Nelson Mandela, Graça Machel, and Desmond Tutu convened a group of world leaders to contribute their wisdom, independent leadership and integrity to tackle some of the world's toughest problems. Nelson Mandela announced the formation of this new group, The Global Elders, in a speech he delivered on the occasion of his 89th birthday.[33][34]

Archbishop Tutu will serve as the Chair of The Elders. The founding members of this group also include Graça Machel, Kofi Annan, Ela Bhatt, Gro Harlem Brundtland, Jimmy Carter, Li Zhaoxing, Mary Robinson and Muhammad Yunus.

The Elders will be independently funded by a group of Founders, including Richard Branson, Peter Gabriel, Ray Chambers; Michael Chambers; Bridgeway Foundation; Pam Omidyar, Humanity United; Amy Robbins; Shashi Ruia, Dick Tarlow; and The United Nations Foundation.

Family

In 1967 while Yunus attended Vanderbilt University, he met Vera Forostenko, a student of Russian literature at Vanderbilt University and daughter of Russian immigrants to Trenton, New Jersey, U.S.. They were married in 1970[4]. Yunus's marriage with Vera ended within months of the birth of their baby girl, Monica Yunus (b. 1979 Chittagong), as Vera returned to New Jersey claiming that Bangladesh was not a good place to raise a baby[4]. Yunus later married Afrozi Yunus, who was then a researcher in physics at Manchester University[4]. She was later appointed as a professor of physics at Jahangirnagar University. Their daughter Deena Afroz Yunus was born in 1986.[4]

His brothers are also active in academia. His brother Muhammad Ibrahim is a professor of physics at Dhaka University and the founder of The Center for Mass Education in Science (CMES), which brings science education to adolescent girls in villages.[35] His younger brother Muhammad Jahangir is a popular television presenter. Monica, the eldest daughter of Yunus, is a Bangladeshi-Russian American soprano singer, working in New York City.[36]

References

  1. ^ a b "The Nobel Peace Prize for 2006". NobelPrize.org. 2006-10-13. Retrieved 2006-10-13.
  2. ^ a b c First loan he gave was $27 from own pocket, The Daily Star, 2006-10-14, Front page, Retrieved: 2007-08-22
  3. ^ a b c d e Yunus, Muhammad (2003). "গরীবের উপকারে লাগে দেখে বহু লোক আমাদের ব্যাংকে টাকা রাখতে এগিয এসেছে" (Printed interview in Bengali). Interviewed by Rahman, Matiur. Retrieved 2006-10-14. {{cite interview}}: Check date values in: |year= (help); Unknown parameter |city= ignored (|location= suggested) (help); Unknown parameter |month= ignored (help); Unknown parameter |program= ignored (help); Unknown parameter |subjectlink= ignored (|subject-link= suggested) (help)CS1 maint: year (link)
  4. ^ a b c d e Yunus, Muhammad. Banker to the Poor: micro-lending and the battle against world poverty. New York: PublicAffairs hc. pp. 20–29. ISBN 978-1-58648-198-8. {{cite book}}: Cite has empty unknown parameter: |month= (help); Unknown parameter |coauthors= ignored (|author= suggested) (help); Unknown parameter |origdate= ignored (|orig-date= suggested) (help)
  5. ^ a b "Ramon Magsaysay Award Citation". Ramon Magsaysay Award Foundation. 1984. Retrieved 2007-08-17.
  6. ^ a b Yousaf, Nasim (2006-10-17). "7th Death Anniversary – A Tribute to Dr. Akhter Hameed Khan". Statesman. Retrieved 2007-08-20.
  7. ^ Yunus, Muhammad. Banker to the Poor: micro-lending and the battle against world poverty. New York: PublicAffairs hc. pp. 46–49. ISBN 978-1-58648-198-8. {{cite book}}: Cite has empty unknown parameter: |month= (help); Unknown parameter |coauthors= ignored (|author= suggested) (help); Unknown parameter |origdate= ignored (|orig-date= suggested) (help)
  8. ^ "Profile: 'World banker to the poor'". BBC NEWS. 2006-10-13. Retrieved 2006-10-16. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  9. ^ Yunus, Muhammad (1997-03-25). "World in Focus: Interview with Prof. Muhammad Yunus" (Transcript of broadcast interview). Interviewed by Negus, George. Retrieved 2007-08-22. {{cite interview}}: Unknown parameter |program= ignored (help); Unknown parameter |subjectlink= ignored (|subject-link= suggested) (help)
  10. ^ "Muhammad Yunus, Ashoka's Global Academy Member, Wins Nobel Peace Prize". Ashoka.org. 2006-10-13. Retrieved 2007-08-17.
  11. ^ "Grameen Family of Enterprises". Grameen Commiunications. 2002-08-19. Retrieved 2007-08-22.
  12. ^ "About Grameenphone". Grameenphone. 2006-11-16. Retrieved 2007-08-22. Grameenphone is now the leading telecommunications service provider in the country with more than 10 million subscribers as of November 2006.
  13. ^ "Village Phone". About Grameenphone. Grameenphone. 2006. Retrieved 2007-08-22.
  14. ^ Ramon Magsaysay Award, 1984: Citation for Muhammad Yunus; Retrieved: 2007-09-01
  15. ^ Muhammad Yunus: The man who empowered Bangladeshi women; Ismaili Mail; Retrieved: 2007-09-01
  16. ^ "Dr. Muhammad Yunus - 1994 World Food Prize Laureate". WorldFoodPrize.org. Retrieved 2007-08-29.
  17. ^ "Dr. Muhammad Yunus, 1995". The Max Schmidheiny Foundation. Retrieved 2007-08-18.
  18. ^ "Laureates of the Past Fukuoka Asian Culture Prizes". The Fukuoka Asian Culture Prizes. Retrieved 2007-08-18.
  19. ^ UNB, Dhaka (2007-05-14). "Prof Yunus gets highest Venezuelan honour". The Daily Star. Vol 5 Num 1048. Retrieved 2007-08-18.
  20. ^ Bss, Dhaka (2007-07-30). "Yunus made adviser to provincial govt in China". The Daily Star. Vol 5 Num 1125. Retrieved 2007-08-18. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  21. ^ Lists of his awards are found at Grameen Bank website, his personal website, and his profile at Bangladesh News website.
  22. ^ Boulden, Jim (2001-03-29). "The birth of micro credit". Europe/Business. CNN. Retrieved 2007-08-19.
  23. ^ Clinton, Bill (2004). My Life: The Presidential Years. New York, Knopf.: Vintage Books. pp. p. 329. ISBN 0375414576. Muhammad Yunus should have been awarded the Nobel Prize in Economics years ago. {{cite book}}: |pages= has extra text (help)
  24. ^ Ainsworth, Diane (2002-01-29). "Transcript of the Jan. 29, 2002 talk by former President Bill Clinton at the University of California, Berkeley". Clinton: education, economic development key to building a peaceful, global village. UC Regents. Retrieved 2007-08-22.
  25. ^ "Yunus wins peace Nobel for anti-poverty efforts". AP. 2006-10-13. Retrieved 2007-08-16.
  26. ^ "Parliament with honest, efficient must for development". The New Nation. 2006-03-21. Retrieved 2007-08-22.
  27. ^ Staff Correspondent (2006-10-18). "Yunus not willing to be caretaker chief". The Daily Star. Vol 5 Num 853. Retrieved 2007-08-18. {{cite news}}: |author= has generic name (help); Cite has empty unknown parameter: |coauthors= (help)
  28. ^ Staff Correspondent (2007-02-12). "Yunus seeks people's views on floating political party". The Daily Star. Vol 5 Num 961. Retrieved 2007-08-18. {{cite news}}: |author= has generic name (help); Cite has empty unknown parameter: |coauthors= (help)
  29. ^ Siddique, Islam (2007-02-18). "Bangladesh Nobel Laureate Announces His Political Party's Name". AHN. 7006502326. Retrieved 2007-08-18. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  30. ^ Staff Reporter (2007-02-12). "'I will do politics of unity': Yunus names his party Nagorik Shakti". The New Nation. 34138. Retrieved 2007-08-18. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  31. ^ Mustafa, Sabir (2007-04-05). "Bangladesh at a crossroads". BBC. Retrieved 2007-08-18. At first glance, the current state of Bangladesh appears to be a paradox : a country under a state of emergency, but where the general public seem quite content. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  32. ^ "Yunus drops plans to enter politics". Al Jazeera. 2007-02-18. Retrieved 2007-08-18.
  33. ^ "Mandela unveils 'council of elders'". Al Jazeera. 2007-07-19. Retrieved 2007-08-24.
  34. ^ Associated Press (2007-07-20). "Mandela joins 'Elders' on turning 89". MSNBC. 19836050. {{cite news}}: |access-date= requires |url= (help); Text "http://www.msnbc.msn.com/id/19836050" ignored (help)
  35. ^ Center for Mass Education in Science (CMES) - Bangladesh, Human Resource Development Recommendations, International Labour Organization; Retrieved: 2007-08-27
  36. ^ "Monica Yunus, Soprano" (asp). Biography. VoxPagel.com. Retrieved 2007-09-02.

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