Dr Muhammad Yunus was born in Chittagong, which is a place south – east of Bangladesh Studied microcrediting, welfare economics, ethics in the University of Chittagong, Shajalal University of Science and Technology, Middle Tennessee State University He used to work as a professor of economics the University of Chittagong, and while doing so, came up with suppositions regarding microcredit and microfinance Dr Yunus was later the Dean of the Economics department in the University of Chittagong He was among the board of directions of the United Nations Foundation, which was created to motivate donors to give support to the United Nations in the latter’s sphere of actions. Dr Yunus was appointed as a member of IAG(International Advisory Group) for the Fourth World Conference on women, a conference which wanted to attain a greater scale of impartiality and opportunity for the female gender.
As a social entrepreneur who was well – aware of the atrocities of poverty, his main aim in life was undoubtedly “to create a world without poverty” Awarded the Independence Day Award, World Food Prize, Nobel Peace Prize, Presidential Medal of Freedom, and several other national and international honours. Wrote a few books, especially Banker to the Poor. His most prominent contribution waswhen he inaugurated and developed microcredit by setting up Grameen Bank. Microcredit is an innovative banking facility which borrows small amounts of money to financially – deficient individuals (mostly women) who use them to develop businesses and, eventually, become impoverished no more.
Founded in 1983 by Dr Muhammad Yunus. Its origin could be delineated 7 years before, when Dr Yunus set an action research assignment to study the possibility of drawing up a credit delivery system which serves as banking services to the poverty – stricken individuals. The name “Grameen” probably came about due to the fact that the word “grameen” stands for “rural” in the Bangla language.Grameen bank logo
As mentioned before, much of microcredit’s development could be attributed to Dr Yunus. Over the 3 decades since it was started, the facility of microcredit has spread to every part of the world, from South Asia to even America, and has benefitted countless families throughout the world. Dr Yunus helped to inaugurate and develop microcredit when he established the Grameen Bank. The Grameen Bank helps to serve the financially – deficient with its banking facilities. Moreover, it prevents manipulation of the cash – stripped individuals by usurers. It also allowed the unemployed in the rural areas of his home country to become employed, which was one of the main aims of the Grameen Bank.
Dr Yunus believed that such an effort would affect the rural society in a positive and advantageous manner Grameen Bank does not supply its companies with money, as all the companies are self – dependent and do not rely on other people/banks. While conventional banks involve the people borrowing money to have collateral, the Grameen Bank is completely collateral – free. Grameen Bank concentrates on the potential of an individual which will eventually be released in time to come, while the myopic conventional banks only focuses on what an individual possesses.
http://en.wikipedia.org/wiki/Muhammad_Yunus http://www.grameen- info.org/index.php?option=com_content&task=view &id=19&Itemid=114 http://www.grameen- info.org/index.php?option=com_content&task=view &id=27&Itemid=176 http://www.nobelprize.org/nobel_prizes/peace/laure ates/2006/yunus-bio.html http://www.muhammadyunus.org/Publications/creat ing-a-world-without-poverty/ http://www.nobelprize.org/nobel_prizes/peace/laure ates/2006/yunus-bio.html http://www.google.com.sg/imghp?hl=en&tab=wi By Elliot Tan, Mah Jun Jian, Brandon Beng