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EARLY LIFE
Biography of Professor Muhammad Yunus Professor Muhammad Yunus was born on June 28, 1940. He is the founder and managing director of Grameen Bank, which pioneered microcredit. This is a method of banking where small loans are given to the poor, mostly to women, without collateral, for income-generating activities, to help them get out of poverty. Muhammad Yunus has transformed the lives of millions of the poorest people around the world. In the 1970s he was working as a professor at the University of Chittagong in his native Bangladesh when he realised how small loans could make a disproportionately massive impact on people stuck in poverty.
- The third of nine children,Yunus was born on 28 June 1940 to a Bengali Muslim family in the village of Bathua, by the Kaptai road in Hathazari, Chittagong in the Bengal Presidency of Bangladesh.
- His father was Hazi Dula Mia Shoudagar, a jeweler, and his mother was Sufia Khatun. His early childhood was spent in the village. In 1944, his family moved to the city of Chittagong, and he moved from his village school to Lamabazar Primary School
- Later, he passed the matriculation examination from Chittagong Collegiate. In 1957, he enrolled in the Department of Economics at Dhaka University and completed his BA in 1960 and MA in 1961.
RISING
- After his graduation, Yunus joined the Bureau of Economics as a research assistant to the economics researches of Professor Nurul Islam and Rehman Sobhan.
- Later, he was appointed lecturer in economics in Chittagong College in 1961.In 1965, he received a Fulbright scholarship to study in the United States.
- He obtained his PhD in economics from the Vanderbilt University Graduate Program in Economic Development (GPED) in 1971. From 1969 to 1972, Yunus was assistant professor of economics at Middle Tennessee State University in Murfreesboro.
RISING
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- After 1971 the War, he returned to Bangladesh and was appointed to the government’s Planning Commission headed by Nurul Islam.
- After observing the famine of 1974, he became involved in poverty reduction and established a rural economic programme as a research project.
- IIntroduced by president Ziaur Rahman in the late 1970s, the Government formed 40,392 village governments as a fourth layer of government in 2003.
- His concept of microcredit for supporting innovators in multiple developing countries also inspired welfare programmes.
MICROCREDIT
- Yunus believed that, given the chance, the poor will repay the money and hence microcredit was a viable business model.
- Yunus lent US$27 of his money to 42 women in the village, who made a profit of BDT 0.50 (US$0.02) each on the loan. Thus, Yunus is credited with the idea of microcredit.
- In December 1976, Yunus finally secured a loan from the government Janata Bank to lend to the poor in Jobra. The institution continued to operate, securing loans from other banks for its projects. By 1982, it had 28,000 members.
GRAMEEN BANK
- On 1 October 1983, the pilot project began operation as a full-fledged bank for poor Bangladeshis and was renamed Grameen Bank (“Village Bank”).
- By July 2007, Grameen had issued US$6.38 billion to 7.4 million borrowers.To ensure repayment, the bank uses a system of “solidarity groups”.
- The fisheries project became Grameen Motsho (“Grameen Fisheries Foundation”) and the irrigation project became Grameen Krishi (“Grameen Agriculture Foundation”).
GRAMEEN
- In time, the Grameen initiative grew into a multi-faceted group of profitable and non-profit ventures, including major projects like Grameen Trust and Grameen Fund, which runs equity projects like Grameen Software Limited, GrameenCyberNet Limited, and Grameen Knitwear Limited, as well as Grameen Telecom, which has a stake in Grameenphone (GP), the biggest private phone company in Bangladesh.
- From its start in March 1997 to 2007, GP’s Village Phone (Polli Phone) project had brought cell-phone ownership to 260,000 rural poor in over 50,000 villages.
- The success of the Grameen microfinance model inspired similar efforts in about 100 developing countries and even in developed countries including the United States.
NOBEL PRIZE
- Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank. Yunus was the first Bangladeshi to ever get a Nobel Prize.
- Yunus announced that he would use part of his share of the $1.4 million award money to create a company to make low-cost, high-nutrition food for the poor; while the rest would go toward setting up an eye hospital for the poor in Bangladesh.
- He is one of only seven persons to have won the Nobel Peace Prize, Presidential Medal of Freedom,and the Congressional Gold Medal.Other notable awards include the Ramon Magsaysay Award in 1984.
- Additionally, Yunus has been awarded 50 honorary doctorate degrees from universities across 20 countries, and 113 international awards from 26 different countries including state honours from 10 countries.
POLITICS
- In early 2006 Yunus, along with other members of the civil society participated in a campaign for honest and clean candidates in national elections. He considered entering politics in the later part of that year.
- Yunus finally announced that he is willing to launch a political party tentatively called Citizens’ Power (NagorikShakti) on 18 February 2007.
- March 2011 the Bangladeshi government launched a three-month investigation of all Grameen Bank’s activities.In January 2011, Yunus appeared in court in a defamation case.At the hearing, Yunus was granted bail.These investigations fueled suspicion that many attacks might be politically motivated.
POLITICS
- Due to difficult relations between Sheikh Hasi when Yunus created his own political party, an effort he dropped in May 2007.
- The trial of Muhammad Yunus is the series of trials launched by Prime Minister Sheikh Hasina of Bangladesh against Muhammad Yunus.
- The former put the latter on trial in 2010 and ultimately removed him from Grameen Bank,citing that too old to run the Bank which he founded in 1983.
- In 2013, he was put on trial for a second time because he had supposedly received earnings without the necessary permission from the government, including his Nobel Peace Prize earnings.
YUNUS CENTRE
- The Yunus Centre, in Dhaka, Bangladesh, is a think tank for issues related to social business, working in the field of poverty alleviation and sustainability.
- It is ‘aimed primarily at promoting and disseminating Professor Yunus’ philosophy, with a special focus on social business’ and currently chaired by Prof. Muhammad Yunus.
Biography Free PDF
“Poor people are like bonsai plants. If you take the seed of the tallest tree in the forest and put it in a flowerpot, that tree will only grow one metre high. You wonder, why does this tree not grow as tall as the one you saw in the forest? It simply doesn’t have a proper base to grow. Society never gives poor people the space, the base on which to grow tall.”
Muhammad Yunus has transformed the lives of millions of the poorest people around the world. In the 1970s he was working as a professor at the University of Chittagong in his native Bangladesh when he realised how small loans could make a disproportionately massive impact on people stuck in poverty. He lent $42 of his own money to craft workers, pioneering the concept of microcredit. The Grameen Bank (meaning village bank) was established to provide investment to people who mainstream banks traditionally avoid, basically spreading a little more soil for seeds to grow in. Most remarkably, loans are given entirely based on trust, with an almost 100 per cent repayment rate.
If the Bonsai tree represents poverty, Yunus knows how to get to the root of the problem
“We don’t have any lawyers,” Yunus explains. “Trust begets trust. If you trust them, they will trust you. Lawyers come when you distrust each other.”
And although microcredit is by definition small scale, together it all adds up. Today Grameen Bank lends over $2.5bn a year to nine million borrowers, approving between 1,000-2,000 business proposals each month, while the microcredit movement has grown and spread throughout the world, operating in the UK and also with over $1bn invested in the US, with plans to double that in the next few years.
Look at the United States, the election in Germany… people at the bottom are very unhappy
In 2006 Yunus’ work lifting millions out of poverty won him the Nobel Peace Prize. He continues to challenge the financial system he believes is designed for wealth monopoly rather than wealth distribution and which prioritises banks that were too big to fail while ignoring billions who are too small to matter. Hp deskjet 3510 software install. With ever-rising inequality he fears we are reaching a global tipping point.
Barack Obama presents the Presidential Medal of Freedom to Professor Muhammad Yunus at the White House in 2009.
“We are heading for massive disruption, an explosive situation – socially, politically, economically – because of wealth concentration,” he tells The Big Issue from New York, where he has been spreading his message at the United Nations.
“Concentration of wealth also means concentration of power, so you have a world which is controlled by a handful of people. That is not a tenable situation. Brexit may be an expression of that dissatisfaction at the bottom. And look at the United States, the election in Germany, people at the bottom are very unhappy, they are frustrated.
You have to make people who are living in poverty active so they can take care of themselves.
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“The real issue is how to make sure wealth does not flow in a one-way direction. How to reverse that so wealth starts coming from the top to be distributed so everybody has a share.”
A world with zero poverty
Yunus has a plan to redesign the world’s economic engine, ambitiously proposing a world with zero poverty and zero unemployment. All we have to do, he says, is redefine the notion of “self-interest” and the way we view our roles in the jobs market.
“Economic theory is fundamentally wrong because it is based on the assumption that human beings are selfish people,” Yunus explains. “In Adam Smith’s language, ‘self-interest’ means ‘selfish’ so all businesses in the world became selfish businesses, to make money.
“That is a misinterpretation of human beings. Real human beings are both selfish and selfless together at the same time.
“If you can have a selfish business, you can also have a business based on selflessness where you are not interested in personal benefit but a collective benefit for the world. That is a social business. A non-dividend company to solve problems.”
This echoes the philosophy of The Big Issue, which sinceit was founded in 1991 has been one of the UK’s leading social enterprises, a founding pillar in the movement. “I’m familiar with The Big Issue,” Yunus enthuses. “The idea behind it is fantastic.”
A hand up, not a hand out
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The next part of Yunus’ theory also chimes closely with our model of giving vendors the help to help themselves, but this mindset can go much further so that everybody, instead of seeing themselves as job-seekers, finds ways to create their own opportunities.
“Poor people have skills but they let them be used by the people who have the money and they get the benefit,” Yunus says. “It is assumed human beings have to work for somebody else. That’s absolutely wrong. Historically we are independent people. When we were in caves we were not sending job applications to anybody. We took care of ourselves and did that for hundreds of thousands of years. We have to go back to rediscover ourselves as creative people, entrepreneurs.”
Dr Muhammad Yunus
Concentration of wealth also means concentration of power, so you have a world which is controlled by a handful of people.
One of the keys to unlocking the enormous potential of a social revolution is highlighting the difference between social businesses and charity: “A charity dollar can be used only once, while a social business investment dollar is recycled indefinitely.
“People understand it very quickly, money never disappears,” Yunus continues. “People talk about poverty, governments are giving foreign aid, churches are devoted to charity. I wouldn’t say there is not enough attention or resources, but it is not given in the right direction. Charity does not solve a problem, charity only maintains the problem of poverty; it doesn’t let it get worse. Elimination of poverty is about more than keeping people alive, taking care of them. You have to make them active so they can take care of themselves.”
Yunus is involved in countless projects around the world that promote responsible economics and works with 45 universities that teach courses on social business. He is confident young people will steer the world in a different direction.
The Big Issue magazine is a social enterprise, a business that reinvests its profits in helping others who are homeless, at risk of homelessness, or whose lives are blighted by poverty.
“The difference between older generations and this generation is that they have the tremendous power of technology at their fingertips. But the system doesn’t tell them what to do with that, it only tells you to find the best job in the best company so your life is done. That’s very unattractive for young people with so much power.
Muhammad Yunus Biography Pdf
“They are looking for things to do and being an entrepreneur is an option for them. They can create social businesses too. In that case they use their talent, their creative power and technology to solve a problem. They feel they are not future leaders, they are leaders already!”
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A World of Three Zeroes by Muhammad Yunus (Scribe, £14.99) is out now.