Muhammad Yunus : Is a Bangladeshi social entrepreneur, banker, economist and awarded the Nobel Peace Prize

Name : Muhammad Yunus

Born 28 June 1940 (age 83)
Chittagong, Bengal Presidency, British India (now Bangladesh)
Nationality Bangladeshi
Occupation(s) Economist, Entrepreneur
Academic career
Institution
University of Chittagong
Middle Tennessee State University
Glasgow Caledonian University
Field
Microcredit theory
Development economics
School or
tradition Microcredit
Alma mater
University of Dhaka (BA, MA)
Vanderbilt University (PhD)

Contributions
Grameen Bank
Microcredit
Social business
Awards Nobel Peace Prize (2006)
Presidential Medal of Freedom (2009)
Congressional Gold Medal (2010)

About Mohammad Yunus:

Muhammad Yunus (born 28 June 1940) is a Bangladeshi social entrepreneur, banker, economist and civil society chief who become awarded the Nobel Peace Prize in 2006 for founding the Grameen bank and pioneering the ideas of microcredit and microfinance.Those loans are given to marketers too poor to qualify for traditional bank loans.

Muhammad Yunus and the Grameen bank had been collectively provided the Nobel Peace Prize “for his or her efforts via microcredit to create economic and social improvement from beneath”. The Norwegian Nobel Committee stated that “lasting peace can not be accomplished except huge populace agencies locate methods in which to interrupt out of poverty” and that “across cultures and civilizations, Muhammad Yunus and Grameen bank have proven that even the poorest of the negative can work to bring about their own development”.

Yunus has obtained several other national and global honours. He obtained the united states Presidential Medal of Freedom in 2009 and the Congressional Gold Medal in 2010.

In February 2011, Yunus together with Saskia Bruysten, Sophie Eisenmann and Hans Reitz co-founded Yunus Social business – worldwide tasks (YSB). YSB creates and empowers social companies to address and clear up social problems around the sector. Because the global implementation arm for Yunus’ imaginative and prescient of a new, humane capitalism, YSB manages incubator budget for social companies in developing countries and gives advisory services to groups, governments, foundations and NGOs.

In 2012, he became Chancellor of Glasgow Caledonian university in Scotland, a function he held till 2018.Previously, he was a professor of economics at Chittagong college in Bangladesh.He posted several books associated with his finance paintings. He is a founding board member of Grameen america and Grameen basis, which support microcredit.

Yunus also served at the board of directors of the United nations foundation, a public charity to support UN causes, from 1998 to 2021.

Early life and Education

Early years

The third of nine children, Muhammad Yunus changed into born on 28 June 1940 to a Bengali Muslim own family in the village of Bathua, by the Kaptai street in Hathazari, Chittagong inside the Bengal Presidency of the British Raj, gift Bangladesh. His father changed into Hazi Dula Mia Shoudagar, a jeweler, and his mom changed into Sufia Khatun. His early adolescence was spent in the village.

In 1944, his own family moved to the town of Chittagong, and he moved from his village college to Lamabazar number one college. By way of 1949, his mom became bothered with psychological infection. Later, he passed the matriculation exam from Chittagong Collegiate school ranking 16th of 39,000 college students in East Pakistan.

At some point of his faculty years, he became an active Boy Scout, and travelled to West Pakistan and India in 1952, and to Canada in 1955 to wait Jamborees. Later, while Yunus became studying at Chittagong college, he have become lively in cultural activities and gained awards for drama. In 1957, he enrolled within the department of Economics at Dhaka college and finished his BA in 1960 and MA in 1961.

After Graduation

After his graduation, Yunus joined the Bureau of Economics as a studies assistant to the economics researches of Nurul Islam and Rehman Sobhan. Later, he changed into appointed lecturer in economics in Chittagong college in 1961. During that time, he additionally set up a worthwhile packaging factory at the aspect. In 1965, he obtained a Fulbright scholarship to have a look at in the u.S.A.. He acquired his PhD in economics from the Vanderbilt university Graduate application in monetary development (GPED) in 1971. From 1969 to 1972, Yunus turned into assistant professor of economics at center Tennessee kingdom college in Murfreesboro.

For the duration of the Bangladesh Liberation conflict in 1971, Yunus founded a citizen’s committee and ran the Bangladesh records center, with different Bangladeshis within the usa, to elevate assist for liberation. He also published the Bangladesh newsletter from his domestic in Nashville. After the conflict, he back to Bangladesh and become appointed to the government’s planning fee headed via Nurul Islam.

However, he located the job boring and resigned to sign up for Chittagong university as head of the Economics department. After gazing the famine of 1974, he became concerned in poverty discount and hooked up a rural monetary programme as a studies venture. In 1975, he advanced a Nabajug (New generation) Tebhaga Khamar (3 percentage farm) which the authorities adopted as the Packaged input Programme.

A good way to make the challenge more powerful, Yunus and his buddies proposed the Gram Sarkar (the village authorities) programme. Delivered with the aid of president Ziaur Rahman in the late Seventies, the government formed forty,392 village governments as a fourth layer of government in 2003. On 2 August 2005, in reaction to a petition by Bangladesh criminal Aids and offerings believe (BLAST), the high court declared village governments illegal and unconstitutional.

His idea of microcredit for helping innovators in multiple developing nations additionally inspired programmes consisting of the data girl Social Entrepreneurship Programme.

Early Career:

In 1976, for the duration of visits to the poorest households inside the village of Jobra close to Chittagong university, Yunus observed that very small loans should make a disproportionate distinction to a bad person. Village girls who made bamboo furniture needed to take usurious loans to shop for bamboo, and pay off their earnings to the creditors.

Conventional banks did no longer want to make tiny loans at reasonable interest to the poor due to excessive chance of default. But Yunus believed that, given the threat, the bad will not want to pay off the cash and consequently microcredit changed into a possible business model. Yunus lent US$27 of his cash to 42 women in the village, who made a income of BDT zero.50 (US$zero.02) every at the mortgage. As a consequence, Yunus is credited with the idea of microcredit.

In December 1976, Yunus subsequently secured a mortgage from the government Janata bank to lend to the poor in Jobra. The group persisted to perform, securing loans from different banks for its tasks. By means of 1982, it had 28,000 members. On 1 October 1983, the pilot venture started operation as a full-fledged bank for poor Bangladeshis and was renamed Grameen bank (“Village bank”).Through July 2007, Grameen had issued US$6.38 billion to 7.Four million borrowers. To make sure reimbursement, the financial institution makes use of a system of “harmony agencies”. These small casual agencies apply collectively for loans and its individuals act as co-guarantors of repayment and assist each other’s efforts at financial self-advancement.

In the past due 1980s, Grameen started out to diversify via attending to underutilized fishing ponds and irrigation pumps like deep tube wells. In 1989, these different interests started out growing into separate organizations. The fisheries challenge have become Grameen Motsho (“Grameen Fisheries foundation”) and the irrigation challenge have become Grameen Krishi (“Grameen Agriculture basis”).

In time, the Grameen initiative grew into a multi-faceted organization of worthwhile and non-earnings ventures, such as most important tasks like Grameen consider and Grameen Fund, which runs fairness projects like Grameen software constrained, Grameen CyberNet restricted, and Grameen Knitwear limited, as well as Grameen Telecom, which has a stake in Grameenphone (GP), the biggest personal telephone employer in Bangladesh.[25] From its begin in March 1997 to 2007, GP’s Village smartphone (Polli cellphone) undertaking had introduced mobile-telephone ownership to 260,000 rural bad in over 50,000 villages.

In 1974 we ended up with a famine in the united states. People have been demise of hunger and no longer having enough to consume. And that’s a horrible situation to see around you. And i used to be feeling horrible that right here I train elegant theories of economics, and those theories are of little need at the moment with the folks that are going hungry. So I wanted to look if as someone, as a human being, I could be of some use to a few human beings.

– Muhammad Yunus even as speakme about motive at the back of developing Grameen Bank

The fulfillment of the Grameen microfinance version stimulated similar efforts in approximately one hundred growing international locations and even in developed nations which includes the us. Many microcredit projects keep Grameen’s emphasis of lending to girls. Extra than 94% of Grameen loans have gone to girls, who suffer disproportionately from poverty and who are more likely than guys to devote their profits to their families.

For his work with Grameen, Yunus changed into named an Ashoka: Innovators for the general public global Academy Member in 2001. Inside the e book Grameen Social commercial enterprise version, its author Rashidul Bari said that Grameen’s social commercial enterprise model (GSBM) has long gone from being theory to an inspiring exercise followed via main universities (e.G., Glasgow), marketers (e.G., Franck Riboud) and businesses (e.G., Danone) throughout the globe.

Through Grameen financial institution, Rashidul Bari claims that Yunus demonstrated how Grameen Social commercial enterprise model can harness the entrepreneurial spirit to empower poor women and alleviate their poverty. One end Bari advised to draw from Yunus’ ideas is that the bad are like a “bonsai tree”, and they could do huge things if they get access to the social commercial enterprise that holds capacity to empower them to emerge as self-sufficient.

Recognition

Yunus became presented the 2006 Nobel Peace Prize, together with Grameen bank, for his or her efforts to create financial and social improvement. Within the prize announcement The Norwegian Nobel Committee cited:

Muhammad Yunus has shown himself to be a leader who has controlled to translate visions into practical movement for the benefit of thousands and thousands of humans, no longer best in Bangladesh, however additionally in many different nations. Loans to poor humans without any financial safety had appeared to be an not possible idea.

From modest beginnings 3 a long time in the past, Yunus has, first and most important thru Grameen financial institution, evolved micro-credit into an ever greater critical tool within the warfare towards poverty.

Yunus changed into the primary Bangladeshi to ever get a Nobel Prize. After receiving the information of the essential award, Yunus announced that he could use a part of his proportion of the $1.4 million (equivalent to $2.03 million in 2022) award money to create a enterprise to make low-cost, excessive-nutrients meals for the terrible; even as the rest might cross in the direction of setting up the Yunus technological know-how and technology college in his domestic district in addition to putting in place an eye fixed medical institution for the poor in Bangladesh.

Former U.S. President invoice Clinton become a vocal recommend for the awarding of the Nobel Prize to Yunus. He expressed this in Rolling Stone mag in addition to in his autobiography My lifestyles. In a speech given at college of California, Berkeley in 2002, President Clinton described Yunus as “a man who lengthy ago must have received the Nobel Prize [in Economics and] i’ll maintain saying that until they in the end supply it to him.” Conversely.

The Economist said explicitly that even as Yunus become doing outstanding work to combat poverty, it was no longer suitable to award him the Peace Prize, stating: “… The Nobel committee could have made a braver, extra tough, desire by using putting forward that there would be no recipient in any respect.”

He’s considered one of only seven men and women to have received the Nobel Peace Prize, Presidential Medal of Freedom, and the Congressional Gold Medal. Different super awards consist of the Ramon Magsaysay Award in 1984, the arena meals Prize, the global Simon Bolivar Prize (1996), the Prince of Asturias Award for harmony and the Sydney Peace Prize in 1998, and the Seoul Peace Prize in 2006. Additionally, Yunus has been provided 50 honorary doctorate degrees from universities across 20 international locations, and 113 global awards from 26 international locations which include nation honours from 10 international locations. Bangladesh authorities introduced out a commemorative stamp to honour his Nobel Award.

Yunus was named through Fortune mag in March 2012 as one among 12 best marketers of the cutting-edge era. In its citation, Fortune magazine said “Yunus’ idea stimulated countless numbers of younger people to devote themselves to social reasons all around the global.”

In January 2008, Houston, Texas declared 14 January as “Muhammad Yunus Day”.

Yunus was named a few of the most favored th

Inkers the sector ought to concentrate to through the FP one hundred (global’s maximum influential elite) in the December 2009 issue of foreign policy magazine.

In 2010, The British mag New Statesman listed Yunus at fortieth within the list of “the world’s 50 maximum Influential Figures 2010”.
Yunus acquired 50 honorary doctorate stages from universities from Argentina, Australia, Bangladesh, Belgium, Canada, Costa Rica, India, Italy, Japan, Korea, Lebanon, Malaysia, Peru, Russia, South Africa, Spain, Thailand, Turkey, the UK, and the usa. United countries Secretary widespread, Ban Ki-Moon, invited Yunus to function an MDG advocate. Yunus sits at the Board of United nations basis, Schwab foundation, Prince Albert II of Monaco foundation, Grameen credit score Agricole Microcredit basis. He has been a member of Fondation Chirac’s honour committee, ever because the foundation became released in 2008 by former French president Jacques Chirac on the way to sell global peace.

Yunus has come to be a well-known international discern. He has delivered severa lectures round the arena, and has seemed on famous television indicates, together with The day by day show with Jon Stewart and The Oprah Winfrey show in 2006, The Colbert document in 2008, actual Time with invoice Maher in 2009 and The Simpsons in 2010. On Google+, Yunus is one of the maximum observed human beings worldwide, with over million followers.

Controversies

The Bangladeshi authorities announced a overview of Grameen bank activities on 11 January 2011, that’s ongoing. In February, numerous global leaders, which include Mary Robinson, stepped up their defence of Yunus via some of efforts, which includes the founding of a formal network of supporters called “buddies of Grameen”.

On 15 February 2011, the Finance Minister of Bangladesh, Abul Maal Abdul Muhith, declared that Yunus must “live away” from Grameen bank at the same time as it’s far being investigated. On 2 March 2011, Muzammel Huq – a former bank worker, whom the government had appointed chairman in January introduced that Yunus were fired as managing director of the bank. However, financial institution wellknown supervisor Jannat-E Quanine issued a announcement that Yunus changed into “continuing in his workplace” pending assessment of the criminal troubles surrounding the debate .

In March 2011, Yunus petitioned the Bangladesh excessive court difficult the legality of the choice through the Bangladeshi valuable financial institution to do away with him as coping with director of Grameen financial institution.The identical day, nine elected administrators of Grameen financial institution filed a 2d petition. U.S. Senator John Kerry expressed his support to Yunus in a assertion on five March 2011 and declared that he changed into “deeply worried” by this affair. The equal day in Bangladesh, lots of human beings protested and formed human chains to assist Yunus. The excessive courtroom listening to at the petitions, was deliberate for 6 March 2011 but postponed. On 8 March 2011, the courtroom showed Yunus’s dismissal.

Accusation of ‘loan sharking’ and effectiveness of microfinance

The allegations towards Muhammad Yunus and Grameen financial institution were made in a context where some humans commenced to impeach the effectiveness of microfinance, triggered by using the moves of some for-profit microfinance establishments (MFIs) in India and Mexico. Coercion, peer pressure and bodily harassment were reportedly used as loan reimbursement practices in some unique MFIs. Commercialisation of microcredit prompted Yunus to country that he “in no way imagined that someday microcredit would supply rise to its very own breed of mortgage sharks.”

The trap of profits attracted some for-income MFIs to hold preliminary public offerings (IPOs), along with the biggest Indian MFI, SKS Microfinance, which held an IPO in July 2010. In September 2010, Yunus criticised the IPO; in a debate with SKS founder Vikram Akula at some point of the Clinton global Initiative assembly,[90] he said, “Microcredit is not approximately thrilling people to make cash off the terrible. That’s what you are doing. It is the incorrect message absolutely.” Calculations of actual interest charge range, however one estimate places common Grameen fees at approximately a 23% interest fee (comparable to the inflation price).

Political Motivations at the back of the allegations

Although Grameen financial institution turned into speedy cleared with the aid of the Norwegian authorities of all allegations surrounding misused or misappropriated funds in December 2010, in March 2011 the Bangladeshi authorities released a 3-month investigation of all Grameen financial institution’s sports.

This inquiry averted Muhammad Yunus from collaborating in the global monetary discussion board.
In January 2011, Yunus appeared in court docket in a defamation case filed by way of a nearby flesh presser from a minor left-leaning birthday party in 2007, complaining approximately a declaration that Yunus made to the AFP information business enterprise, “Politicians in Bangladesh simplest work for strength. There is no ideology right here”.At the hearing, Yunus changed into granted bail and exempted from personal appearance at next hearings.

Those investigations fueled suspicion that many attacks might be politically prompted, because of tough relations between Sheikh Hasina and Yunus considering early 2007, whilst Yunus created his own political party, an effort he dropped in may additionally 2007.

Allegations concerning partners: the food case and the phone case

Though Grameen financial institution become quickly cleared by the Norwegian authorities of all allegations surrounding misused or misappropriated budget in December 2010, in March 2011 the Bangladeshi government released a three-month research of all Grameen financial institution’s sports.This inquiry averted Muhammad Yunus from taking part in the international monetary forum.

In January 2011, Yunus appeared in court in a defamation case filed by way of a neighborhood politician from a minor left-leaning celebration in 2007, complaining about a announcement that Yunus made to the AFP news employer, “Politicians in Bangladesh best work for power. There is no ideology right here”. On the hearing, Yunus changed into granted bail and exempted from personal appearance at subsequent hearings.

Those investigations fueled suspicion that many attacks might be politically stimulated, due to difficult relations among Sheikh Hasina and Yunus because early 2007, whilst Yunus created his very own political party, an attempt he dropped in can also 2007.

Allegations regarding partners: the food case and the cellphone case

On 27 January 2011, Yunus appeared in courtroom in a meals-adulteration case filed via the Dhaka metropolis agency (DCC) meals protection courtroom, accusing him of producing an “adulterated” yogurt[ whose fat content changed into underneath the legal minimal. This yogurt is produced by using Grameen Danone, a social enterprise joint mission among Grameen bank and Danone that aims to offer opportunities for avenue companies who sell the yogurt and to improve infant nutrients with the nutrient-fortified yogurt. In line with Yunus’s attorney, the allegations are “fake and baseless”. At the request of Yunus’s lawyers, pointing procedural irregularities and mistakes, this case is now taken into consideration by using the excessive courtroom.

Research by means of a 2012 impartial public fee examining the Grameen bank assert that Yunus misrepresented his authority and abused his powers at some stage in his tenure in management. The record establishes that legal challenges exist for authority of the Grameen bank to have acted as guarantor and to have forwarded credit to unbiased personal organizations all through Yunus’s tenure.

The document raised unique questions relating to (a) established order and financing of Grameenphone, a for-profit telecommunications entity to start with established as a accept as true with for the Grameen bank debtors collectively with Norwegian majority state-owned multinational Telenor by using Yunus, and (b) simultaneous control and operational financing of personal firms set up via Yunus applying sources of the Grameen financial institution. The commission additionally tested the criminal reputation of the Grameen financial institution and concluded that it changed into de jure public i.E. Government entity, of which incompetent oversight by way of the kingdom and (doubtlessly unwitting) misrepresentation with the aid of Yunus in past resulted within the famous notion of the private possession.

The fee report refers to obstruction of commission investigations by means of present day Grameen financial institution control, representatives of Telenor, the government of Bangladesh, and by partisans of Yunus. Full implications of the record are up to now not carefully examined in either kingdom-managed elements of Bangladeshi media, or by seasoned-Yunus press releases, wherein those implicate Yunus as at the least accessory to corruption at the nexus of the Bangladeshi public-business status quo, in collusion with other parties.

Criticism of ideas

Microfinance has been criticised within the foreign media. The parent (united kingdom) asked whether microfinance become a ‘neoliberal fairytale’. The thing pointed out criticisms along with that most loans are not used to create small corporations, but alternatively ‘intake smoothing’.

Trials

Muhammad Yunus confronted 174 lawsuits in Bangladesh, 172 of which have been civil instances, due to the fact the Awami League and Sheikh Hasina retained electricity following the election in 2014. Allegations protected labour regulation violations, corruption, and money laundering, which Yunus alleged have been politically prompted.

Hasina launched a chain of trials against Yunus.The former placed the latter on trial in 2010 and in the end removed him from Grameen financial institution, bringing up his age. In 2013, he tried a 2nd time, because he had supposedly acquired profits with out the essential government permission, along with his Nobel Peace Prize profits and royalties from his ebook sales.The series of trials in opposition to Yunus perplexed figures international, from the 8.3 million underprivileged women served through Grameen financial institution to U.S. President Barack Obama.

Vikas Bajaj wrote on 7 November 2013:

The authorities of Bangladesh has performed its trump card in its long-strolling campaign against Grameen financial institution and its founder Muhammad Yunus. Remaining week, legislators handed a law that efficaciously nationalizes the bank, which pioneered the concept of creating small loans to negative women, with the aid of wresting manipulate of it from the eight.4 million rural ladies that very own a majority of its stocks.

On 1 January 2024, a courtroom in Bangladesh sentenced Yunus to a six-month prison term, together with three employees from Grameen Telecom for labor law violations. However, the courtroom granted bail pending appeals.Amnesty worldwide declared Yunus’ conviction a “blatant abuse” of the justice system.

Background

For decades, Yunus remained a follower of Hasina’s father, Sheikh Mujib, the usa’s founding father. Even as coaching at center Tennessee state university,Yunus based the Bangladesh Citizen’s Committee (BCC) as a response to West Pakistan’s aggression against Bangladesh. After the outbreak of the battle of liberation, the BCC selected Yunus to turn out to be editor of its Bangladesh news Letter. Stimulated through the start of Bangladesh in 1971, Yunus returned home in 1972.

The relationship persisted after Mujib’s demise. Yunus maintained a expert dating with Hasina. Yunus appointed Hasina—in conjunction with U.S. First lady Hillary Clinton—as co-chair of a microcredit summit held 2–4 February 1997. At this event, 50 heads of nation and excessive-level officers from 137 countries collected in Washington, DC, to talk about answers to poverty.

At this event, Hasina had nothing but reward for Yunus. In her declaration she praised, “the remarkable paintings done with the aid of Professor Yunus and the Grameen financial institution he based. … The achievement of the Grameen financial institution has created optimism about the viability of banks engaged in extending micro-credit to the poor”.

The inaugural rite of Grameen telephone, Bangladesh’s biggest smartphone service, happened at Hasina’s office on 26 March 1997. Using Grameen phone, Hasina made the primary call to Thorbjorn Jagland, the then-Norwegian prime minister. Whilst her verbal exchange ended, she received some other name, from Laily Begum, a Grameen cellphone worker. However, this long dating led to 2007 after Yunus disclosed his intention to shape a political birthday celebration, Nagorik Shakti.

From buddy to foe

The Awami League authorities of Sheikh Hasina campaigned towards Grameen and Yunus. The ny times pronounced, ” Her movements look like retaliation for Mr. Yunus’s assertion in 2007 that he might are seeking public workplace, despite the fact that he in no way went thru along with his plans”. Consistent with times of India, yet another aspect contributed to her choice towards Yunus: the Nobel Peace Prize.

Hasina notion that the Norwegian Nobel Peace Prize Committee would provide her the prize for signing a peace treaty, the Chittagong Hill Tracts (CHT) in 1997. On nine March, attorney general Mahbubey Alam expressed the authorities’s mind-set when he said, “prime Minister Sheikh Hasina must were awarded the Nobel Peace Prize…” He went directly to project the understanding of the Nobel committee.

Historical description

On 11 January 2007, navy trendy Moeen U Ahmed staged a military coup. In the meantime, Yunus became down his request to come to be the kingdom’s fourth chief marketing consultant after Khaleda Zia’s term ended. Yunus, but, recommended the overall select Fakhruddin Ahmed for the task. Fakhruddin took office on eleven January 2007 and made it clean on his first day that he intended now not simplest to arrange a loose and truthful election however also to easy up corruption.

Even as Khaleda and Hasina criticised Fakruddin and claimed that it changed into not his activity to easy up corruption, Yunus expressed his pride. In an interview with the AFP news corporation, Yunus remarked that politicians in Bangladesh work simplest for money, pronouncing, “there is no ideology here. Hasina had a harsh reaction to Yunus’ feedback, calling him a “usurer who has no longer most effective did not get rid of poverty but has additionally nurtured poverty. This was Hasina’s first public announcement in opposition to Yunus.

One may want to make an analogy between Yunus’ involvement as a nonpolitician and the role that Czech author Václav Havel played in his u . S . After the overthrow of the Communist regime. Later Yunus announced the name of this potential political party, Nagorik Shakti (Citizen’s energy), saying he had a venture to go into the political arena in his country in wish of converting its identification from “bottomless basket” to “growing tiger”. But, on 3 may, Yunus published a third open letter and positioned his political goals to rest.

Proceedings

Bangladesh authorities released the first trial against Yunus in December 2010, one month after the discharge of caught in Micro Debt, a documentary by way of Tom Heinemann. Screened on Norwegian television on 30 November 2010, the film broadcast the allegation that Yunus stashed about $a hundred million in 1996 into Grameen Kalyan, a sister business enterprise of Grameen bank. Yunus denied the allegations. After finishing a full research, the Norwegian authorities found Yunus innocent.

Yunus became issue to legal proceedings over three crook cases. A criminal defamation case changed into filed towards Yunus for criticising politicians in 2007. A meals inspector filed some other case in opposition to Yunus, alleging that yogurt synthetic with the aid of Grameen-Danone became adulterated. The very last blow got here on 3 March 2011. Bangladesh financial institution knowledgeable Grameen in a letter that Yunus have been eliminated from Grameen, bringing up that he changed into older than the mandatory retirement age of 60, even though 9 of the bank’s directors-who were elected through eight.

Three million Grameen bank debtors-allowed him to live at the activity after he had crossed that threshold. Backed by using 9 forums of administrators, 22 thousand personnel, and eight.Three million Grameen debtors, Yunus defied the government order, returned to Grameen’s headquarters in Dhaka, and lodged an attraction at Dhaka excessive courtroom in opposition to the selection.

But, Justice Mohammad Momtazuddin Ahmed and Justice Gobinda Chandra Tagore delivered the verdict against Yunus, claiming that Yunus’ posting because the MD of Grameen on the grounds that 1999 become unlawful as he had reached the age of 60 with the aid of then.Subsidized by global leaders (e.G., Hillary and bill Clinton), countrywide leaders (e.G., Sir Fazle Hasan Abed) and eight.

Three million Grameen debtors, Yunus filed an attraction in Bangladesh very best court towards the high court’s verdict. The whole bench of the Appellate division headed by way of chief Justice ABM Khairul Haque heard the appeal on 15 March 2011 and upheld Yunus’ elimination through the government.

From 2012

On 2 August 2012, Sheikh Hasina accredited a draft of “Grameen bank Ordinance 2012” to boom government manage over the financial institution. That power resided with the bank’s administrators—9 negative girls who had been elected via eight.Three million Grameen debtors.

Hasina additionally ordered a fresh investigation into Yunus’ sports and monetary transactions in his later years as managing director of Grameen, but human beings noticed the pass as an attempt to spoil his photograph. The top minister additionally alleged that Yunus had acquired his profits with out the important permission from the authorities, including his Nobel Peace Prize profits and e book royalties.

On four October 2013, Bangladesh’s cupboard authorised the draft of a brand new law that could provide the country’s valuable bank more control over Grameen financial institution, elevating the stakes inside the lengthy-strolling dispute. The Grameen financial institution Act 2013 turned into approved at a cupboard meeting chaired by way of top Minister Sheikh Hasina and changed into exceeded by parliament on 7 November 2013. It replaced the Grameen bank Ordinance, the law that underpinned the advent of Grameen financial institution as a specialised microcredit group in 1983.The new york times suggested in August 2013:

On the grounds that then, the authorities has started an investigation into the financial institution and is now making plans to take over Grameen—a majority of whose stocks are owned via its borrowers—and damage it up into 19 local lenders.

Personal life

In 1967, even as Yunus attended Vanderbilt university, he met Vera Forostenko, a pupil of Russian literature at Vanderbilt college and daughter of Russian immigrants to Trenton, New Jersey, usa. They were married in 1970. Yunus’s marriage with Vera ended inside months of the delivery of their toddler female, Monica Yunus, in 1979 in Chittagong, as Vera again to New Jersey claiming that Bangladesh became not an excellent place to elevate a toddler.

Monica became an operatic soprano based totally in ny city.Yunus later married Afrozi Yunus, who became then a researcher in physics at Manchester college. She become later appointed as a professor of physics at Jahangirnagar university. Their daughter Deena Afroz Yunus became born in 1986.

Yunus’s brother Muhammad Ibrahim is a former professor of physics at the university of Dhaka and the founding father of The middle for Mass training in technological know-how (CMES), which brings science training to adolescent women in villages. His different brother Muhammad Jahangir (d. 2019) turned into a television presenter and a social activist in Bangladesh

Yunus Centre

The Yunus Centre in Dhaka, Bangladesh, is a assume tank for issues related to social enterprise, operating in the subject of poverty remedy and sustainability. It’s far ‘aimed typically at selling and disseminating Professor Yunus’ philosophy, with a special attention on social enterprise’ and presently chaired via Prof. Muhammad Yunus.

‘The theory of ‘Three Zeros’

Has our admired teacher of financial matters, the popular originator of the one of its kind Grameen Bank, the beneficiary of Nobel Peace Prize, the initiator of Social Trade development that’s presently thumping at the entryway of most of the Fortune 500 companies abruptly turned into a mathematician?
Not truly. He talked of his “Three Zeros” definition recently to a pressed house of 1,600 visitors with 250 delegates from 30 nations, on the event of the 6th Social Commerce Day at the BICC.
He expounded how a “Three Zeros” activity arrange will spare the world for our future era. His thoughts, as continuously, are straightforward. He said that the world must receive a approach of: a) zero destitution; b) zero unemployment; and, c) zero carbon outflow. As it were at that point would the world have a feasible improvement. Any other arrange will not be sustainable.
To attain his “Three Zeros” arrange, he said, we required four things: 1. Harness the energy and creativity of the youth; 2. Use the power of technology; 3. Transform business into Social Business; and, 4. Ensure good governance.
He accepts that there’s for all intents and purposes nothing that the youthful cannot accomplish. Their “can do” soul is the greatest resource for the world particularly for Bangladesh. The youth will ought to be stimulated, given opportunity of action, adequate bolster and direction and they will do the rest. We must accept in our youth, he kept on underlining.

Muhammad Yunus takes oath as head of Bangladesh’s interim government

The Nobel Peace laureate says he will perform his duties ‘sincerely’ as he is selected interim leader after Sheikh Hasina’s resignation.

The Nobel Peace Prize-winning economist Muhammad Yunus has been sworn in as the head of Bangladesh’s interim government, three days after Prime Minister Sheikh Hasina was forced to resign and flee to neighbouring India.

Yunus, 84, took the oath during a ceremony at the presidential palace in Dhaka on Thursday night that was attended by political leaders, civil society leaders, generals and diplomats.

“I will uphold, support and protect the constitution,” Yunus said as he was administered the oath by President Mohammed Shahabuddin, adding that he will perform his duties “sincerely”.

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Publications

• Yunus, Muhammad (1974). Three Farmers of Jobra. Department of Economics, Chittagong University.
• —— (1976). Planning in Bangladesh: Format, Technique, and Priority, and Other Essays; Rural Studies Project, Department of Economics. Chittagong University.
• ——; Isalama, Saiyada Manajurula; Rahman, Arifa (1991). Jorimon and Others: Faces of Poverty. Grameen Bank.
• —— (1994). Grameen Bank, as I See it. Grameen Bank.
• —— (1999). Banker to the Poor: Micro-Lending and the Battle Against World Poverty. New York: PublicAffairs. ISBN978-1-58648-198-8.
• —— (2007). Creating a World without Poverty: Social Business and the Future of Capitalism. New York: PublicAffairs. ISBN978-1-58648-493-4.
• —— (2010). Building Social Business: The New Kind of Capitalism that Serves Humanity’s Most Pressing Needs. New York: Public Affairs. ISBN978-1-58648-824-6.
• Yunus, Muhammad, Moingeon, Bertrand and Laurence Lehmann-Ortega (2010), “Building Social Business Models: Lessons from the Grameen Experience”, April–June, vol 43, number 2–3, Long Range Planning, pp. 308–325

·  —— (2017). A World of Three Zeroes: the new economics of zero poverty, zero unemployment, and zero carbon emissions. Scribe Publications.

Documentaries

• 2000 – “16 Decisions”
• 2010 – To Catch a Dollar
• 2011 – Bonsai People – The Vision of Muhammad Yunus

Legacy and honours

• In 1998, Yunus was awarded Indira Gandhi Peace Prize as the founder of Grameen Bank
• In 2006, awarded Nobel Peace Prize for his finance work.
• Chosen by Wharton School of Business in Philadelphia as one of The 25 Most Influential Business Persons of the Past 25 Years, covered in a PBS documentary.
• In 2006, Time magazine ranked him as one of the top 12 business leaders, including him among “60 years of Asian Heroes”
• In 2008, Yunus was voted second on the list of Top 100 Public Intellectuals in an open online poll conducted by Prospect Magazine (UK) and Foreign Policy (United States).
• In 2009, Yunus was awarded the Golden Biatec Award, the highest award bestowed by Slovakia’s Informal Economic Forum Economic Club, for individuals who exhibit economic, social, scientific, educational and cultural accomplishments in the Slovak Republic.
• In 2021, Yunus was awarded the Olympic Laurel, for his extensive work in sports for development.
• In 2021, Yunus was awarded United Nations Foundation’s Champion of Global Change Award. He was given the award in recognition of his enlightened leadership and innovation to enhance human dignity, equity, and justice.