Muhammad Yunus The Nobel winner 2006 , A muslim
Grameen Bank
Muhammad Yunus
He (born June 28, 1940) is a Muslim Bangladeshi banker and economist. 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 bankGrameen 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."Yunus himself has received several other international honors, including the ITU World Information Society Award, Ramon MagsaysayWorld Food Prize and the Sydney Peace Prize. He is the author of Banker to the Poor and a founding board member of Grameen Foundation.
Yunus and Bangladesh Liberation War
When Liberation War of Bangladesh started in 1971 Yunus joined in the activities of raising support for the liberation war. With other Bangladeshis living in the United States, he founded the Bangladesh League of America . 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.
Yunus and 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.In order to make the project more effective, Yunus and his associates proposed another project called 'Gram Sarkar' (the village government). The government adopted it in 1980, but the succeeding regime later lifted it away.
Founding of the Grameen Bank
In 1976 during his visits to the poorest households in village of Jobra near the university he discovered that very small loans could make a disproportionate difference to a poor person. His first loan consisted of US$27 from his own pocket, which he lent to 42 women in the village of Jobra — near Chittagong University — who made bambooBangladeshi taka (.02 USD), the women were unable to support their families. He quickly realized that an institution needed to be created to lend to those who had nothing. However, traditional banks were not interested in making tiny loans at more reasonable interest rates to poor people, who were considered repayment risks.
Main article: Grameen Bank
The image “http://www.zocaloalpaca.com/images/misc/cusco_street_man.jpg” cannot be displayed, because it contains errors.
In December of 1976 Yunus finally succeeded in securing a loan from the government Janata Bank to lend it to the poor in Jobra. The institution continued to operate by securing loans from other banks for its projects. By 1982, the bank had 28,000 members. On October 1, 1983 the pilot project began operations as a full-fledged bank and was renamed the Grameen Bank (Grameen means "of rural area", "of village") to make loans to poor Bangladeshis. The Grameen Bank has issued more than US$ 6 billion to 7 million borrowers. 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.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. 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.For his work with the Grameen Bank, Yunus was named an Ashoka: Innovators for the Public Global Academy Member in 2001.
sources: nobelprize.org,wikipedia.org
Muhammad Yunus
He (born June 28, 1940) is a Muslim Bangladeshi banker and economist. 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 bankGrameen 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."Yunus himself has received several other international honors, including the ITU World Information Society Award, Ramon MagsaysayWorld Food Prize and the Sydney Peace Prize. He is the author of Banker to the Poor and a founding board member of Grameen Foundation.
Yunus and Bangladesh Liberation War
When Liberation War of Bangladesh started in 1971 Yunus joined in the activities of raising support for the liberation war. With other Bangladeshis living in the United States, he founded the Bangladesh League of America . 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.
Yunus and 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.In order to make the project more effective, Yunus and his associates proposed another project called 'Gram Sarkar' (the village government). The government adopted it in 1980, but the succeeding regime later lifted it away.
Founding of the Grameen Bank
In 1976 during his visits to the poorest households in village of Jobra near the university he discovered that very small loans could make a disproportionate difference to a poor person. His first loan consisted of US$27 from his own pocket, which he lent to 42 women in the village of Jobra — near Chittagong University — who made bambooBangladeshi taka (.02 USD), the women were unable to support their families. He quickly realized that an institution needed to be created to lend to those who had nothing. However, traditional banks were not interested in making tiny loans at more reasonable interest rates to poor people, who were considered repayment risks.
Main article: Grameen Bank
The image “http://www.zocaloalpaca.com/images/misc/cusco_street_man.jpg” cannot be displayed, because it contains errors.
In December of 1976 Yunus finally succeeded in securing a loan from the government Janata Bank to lend it to the poor in Jobra. The institution continued to operate by securing loans from other banks for its projects. By 1982, the bank had 28,000 members. On October 1, 1983 the pilot project began operations as a full-fledged bank and was renamed the Grameen Bank (Grameen means "of rural area", "of village") to make loans to poor Bangladeshis. The Grameen Bank has issued more than US$ 6 billion to 7 million borrowers. 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.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. 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.For his work with the Grameen Bank, Yunus was named an Ashoka: Innovators for the Public Global Academy Member in 2001.
sources: nobelprize.org,wikipedia.org
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