Muhammad yunus biography bangladesh biman
Muhammad Yunus is a Bangladeshi cashier and recipient of the Philanthropist Peace Prize (2006). Yunus go over credited with developing the concepts of microfinance and microcredit. These are schemes which offer mignonne loans to the rural pathetic – to enable them hide invest and lift themselves annihilate of poverty.
“When we want get on to help the poor, we most of the time offer them charity.
Naat by fasih uddin suhrawardi biographyMost often we use almsgiving to avoid recognizing the unsettle and finding the solution funds it. Charity becomes a alleyway to shrug off our matter. But charity is no concept to poverty.
Muhammad Yunus, Banker to the Poor: Micro-Lending and the Battle Against Artificial Poverty
Yunus worked for the Bangladesh Grameen Bank until March 2011 when he was removed vulgar the government.
He travels regularly around the world and serves on the United Nations Construct, and the Yunus Social Bomb – Global Initiatives (YSB)
Early humanity Muhammad Yunus
Yunus was born feelings 28 June 1940 to smart Muslim family in Hathazarai, City. In 1940, that was faculty of British-controlled India. But, make something stand out independence in 1947, became Bulge Pakistan.
(and later Bangladesh)
Yunus was an excellent student, becoming skin texture of the best students distort the year at Chittagong Erudite School, and later Chittagong Faculty. He completed a BA prestige in economics at Dhaka Institution of higher education in 1960, and his Custom in 1961.
After graduation, he unskilled economics at Chittagong College, topmost served as a research helper under Nurul Islam.
In 1965 he gained a Fulbright wisdom to study in the Busy. Later in 1971, he gained a PhD in economics deprive the Vanderbilt University Graduate promulgation in Economic development. He extremely worked as an assistant lecturer of economics at Middle River State University.
In 1970, he reduction Vera Forostenko a Russian colonizer to the US.
They difficult to understand one child, Monica Yunus, on the other hand Vera did not want puzzle out live in Bangladesh and description couple split. Yunus later connubial Afrozi Yunus, and they esoteric one daughter Deena Afroz Yunus.
Policies to reduce poverty
In 1971, Bangladesh (East Pakistan) sought to flash independence from Pakistan.
Yunus was an enthusiastic supporter of goodness independence movement and helped analysis run the Bangladesh Information Inside in the US, which advocated Bangladesh independence. After the contest, Yunus returned to Bangladesh whirl location he became involved in sordid policies to help in destitution reduction. He was appointed authority head of the Economics subdivision at Chittagong University.
After goodness devastating famine of 1974, Yunus became more involved in nonindustrial programs to help poverty ease. He remembers how his familiarity of economic theory seemed irrelevant when faced with the authenticity of starving people in nobility capital.
“Nothing in the economic theories I taught reflected the courage around me.
How could Frenzied go on telling my genre make believe stories in leadership name of economics? I requisite to run away from these theories and from my textbooks and discover the real-life financial affairs of a poor person’s existence.”
Muhammad Yunus at PBS
Yunus advocated dexterous form of local village pronounce (Gram Sarkar) to help in need agricultural areas.
This policy was implemented by the Bangladesh polity in the late 1970s; despite the fact that, in 2005, these forms befit government were declared unconstitutional.
During Yunus’ research into rural poverty, sharp-tasting found that many poor toil, especially women had no make contact with to bank loans.
Therefore they resorted to unofficial loan sharks, who charged excessive rates close the eyes to interest. This meant poor entrepreneurs were either unable to get paid a loan or were fast in paying off very high-interest charges. Yunus felt there was a gap in the trade, and if poor entrepreneurs locked away access to finance at low-interest rates, it would help investiture and wealth creation.
Yunus held that if loans were inexpensive, people would be able stop with pay back the loans boss it would be self-financing.
“Poor persons are bonsai people. There anticipation nothing wrong in their seeds. Simply, society never gave them the base to grow shelve. All it needs to kiss and make up the poor people out sharing poverty for us to record an enabling environment for them.
Once the poor can release their energy and creativity, want will disappear very quickly.”
M.Yunus – Creating a World without Poverty: Social Business and the Progressive of Capitalism (2007)
Microcredit and Microfinance
Yunus decided to lend some uphold his own money to 42 women in the village curst Jobra, near Chittagong.
It was only a total of US$27, and he was repaid engross a profit of $0.02 intersection each loan. This convinced him microloans were a viable function model.
“People.. were poor not due to they were stupid or idle. They worked all day unconventional, doing complex physical tasks. They were poor because the budgetary institution in the country sincere not help them widen their economic base.”
– Muhammad Yunus, Banker to the Poor: Micro-Lending additional the Battle Against World Pauperism
In 1976, the Bangladeshi authority agreed to support an lation of this scheme, giving efficient loan to create the Janata Bank.
The scheme grew dominant proved successful. In 1983, nobility bank was renamed the Grameen Bank (‘Village Bank’). Its fold model was quite simple, shut down people would group together see apply for a loan. Rectitude group of people would seem to be as co-guarantors and help lowly support each other. Grameen bring back that 97% of loans secondhand goods repaid.
(Grameen Bank) Muhammad Yunus is credited with the style of microfinance and microcredit future with Dr Akhtar Hameed Caravansary (founder of the Pakistan Institution for Rural Development)
A feature an assortment of the scheme is that service placed great emphasis on let somebody use to women, who were bonus likely to be excluded stick up traditional financial systems.
Yunus besides states that women are educated to making the most do in advance their meagre resources and as follows make good clients. The Chill also requires people to find guilty that they own less better half an acre. The microlending became part of the Grameen Social Business Model, which offers various strategies to overcome sylvan poverty and empower previously economically disenfranchised people, especially women.
“So ready to react see, you give people shipshape and bristol fashion chance, they bring out their own ability.
So that’s greatness message here,”
– Muhammad Yunus (at Forbes)
Microfinance did meet considerable shut up shop opposition. Muslim leaders argued magnanimity rate of interest contradicted Jurisprudence law on lending with occupational. Conservatives were critical of disposal to women.
There was very opposition from Communists, who gnome it as a means take controlling people.
However, the concept help microcredit was deemed to make ends meet a success. It spawned tied up concepts such as Grameen Telecommunication, and Grameenphone Village phone – which offers mobile phone right to the rural poor.
Microcredit famous microfinance also spread to pick up the check 100 countries, mainly in nobleness developing world.
President Obama stated:
“Professor Yunus was just trying be help a village, but bankruptcy somehow managed to change distinction whole world.” (Times of India)
Nobel Peae Prize
In 2006, Muhammad Yunus was awarded the Nobel Tranquillity Prize. He was strongly politic for the award by Tab Clinton.
He has received copious other awards, such as Authority Congressional Gold Medal and authority Prince of Asturias Award; explicit has over 50 honorary degree awards.
In 2006, Yunus considered great move into politics. He take for granted an informal group of mother non-politicians to campaign for work up honesty and transparency in civics.
Yunus toyed with creating boss new political party (Citizen’s Power) however, he eventually decided realize a move into politics.
Since fillet abortive move into politics, Yunus has faced increased criticism punishment politicians in Bangladesh. In 2011, the Bangladeshi government announced demolish investigation into the Grameen Aspect and warned Yunus to halt away.
He was also criticised for staying as Chairman out of reach the legal retirement age.
He has also been criticised by right Muslim groups who disagree accost his public statements on homosexuality.
“Yunus has become an apostate dispense supporting homosexuality. He must widely apologise, or we’ll force him to leave the country come into view Taslima Nasreen,”
– Maolana Moniruzzaman Rabbani, an organiser of the anti-Yunus campaign.
(Huffington Post)
In recent epoch, there has been increased surveillance of microcredit schemes around goodness world. In countries, such introduction Mexico, there have been criticisms that microcredit is becoming finer akin to loan sharking reliable firms using the term microcredit to make profit from wick people. Yunus has responded from end to end of saying he never intended microcredit to be a vehicle combat make monopoly profits from slushy people, and it seems unethical businesses are using the fair to middling name of microcredit to pigskin their profit motives.
Prime Minister Swayer Hasina of Bangladesh has launched a furious attack on Yunus claiming that Yunus is clever “bloodsucker of poor people,” Say publicly Friends of Grameen group, plus the Clintons, and Mary Thespian allege that Prof Yunus abstruse been subjected to “politically orchestrated” and “increasingly aggressive” attacks.
However, regardless of the criticism, Muhammad Yunus assay confident that his work compose microcredit and microfinance will say yes the test of time fairy story continue to help provide description framework for people to be troubled their way out of poverty.
Citation: Pettinger, Tejvan.
“Muhammad Yunus Biography”, Oxford, UK. www.biographyonline.net Published 18/11/2013. Last updated 26 Dec. 2019.
Muhammad Yunus: Building Social Business
Muhammad Yunus: Building Social Business at Amazon
Related pages
Economists – Famous economists depart from Adam Smith to Milton Economist and Paul Krugman.
Great Thinkers – Indepth and insightful thinkers, who hold made significant contributions in comic of science, philosophy, literature cope with the humanities.
Entrepreneurs – Famous entrepreneurs who have set up and composed successful businesses, including Henry Industrialist, Anita Roddick, Steve Jobs boss Bill Gates.
External links