Reading Exercise 5

Muhammad Yunus

Muhammad Yunus (born 28 June 1940) is a Bangladeshi social entrepreneur, banker, economist, and civil society leader who was awarded the Nobel Peace Prize for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance in which loans are given to entrepreneurs too poor to qualify for traditional bank loans. In 2006, Yunus and the Grameen Bank were jointly awarded the Nobel Peace Prize "for their efforts through microcredit to create economic and social development" by helping the poor. The Norwegian Nobel Committee said that "lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty" and that "across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development". Yunus has received several other national and international honours. In 2008, he was rated number 2 in Foreign Policy magazine's list of the 'Top 100 Global Thinkers'. He received the United States Presidential Medal of Freedom in 2009 and the Congressional Gold Medal in 2010. In March 2011, the Bangladesh government fired Yunus from his position at Grameen Bank, citing legal violations and an age limit on his position.

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.

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."

Sources:

"The role of Muhammad Yunus in the Bangladesh Liberation War and thereafter :: Financial Express: Financial Newspaper of Bangladesh". thefinancialexpress-bd.com. Retrieved 8 October 2018.

 "Yunus on Congressional medal - bdnews24.com". bdnews24.com. Retrieved 8 October  2018.

 "Hasina vs Yunus". Archived from the original on 2011-03-05. Retrieved 9 October 2018.

 "Yunus names his political party Nagorik Shakti - bdnews24.com". bdnews24.com. Retrieved 9 October 2018.

 "The New York Times". nytimes.com. Retrieved 9 October 2018.

 Bari, R. (2011). Grameen Social Business Model: A Manifesto for Proletariat Revolution. AuthorHouse. p. 158. ISBN 9781468565652. Retrieved 9 October 2018.

 "It is NOT Moeen, Stupid! | In the Middle of Nowhere". rumiahmed.wordpress.com. Retrieved 10 October 2018.

 "Grameen's Muhammad Yunus in court for defamation case – BBC News". bbc.co.uk. Retrieved 8 October 2018.

"The Micro Debt (2011) – IMDb". imdb.com. Retrieved 8 October 2018.

 "Caught in Micro debt – Dr. Yunus siphoned TK 7bn for poor | BANGLADESH – Audacity of Hope". mygoldenbengal.wordpress.com. Retrieved 8 October 2018.

Questions for Discussion:

Do you think micocredict can make a difference in Egyptian economy? Why?

How can the government support the poor in starting and keeping small business?