Muhammad Yunus

For other people with similar names, see Mohammad Yunus (disambiguation).
Muhammad Yunus

Yunus at a University of Salford event (May 2013)
Born (1940-06-28) 28 June 1940
Chittagong, Bengal Presidency, British India
Nationality Bangladeshi
Institution
Field
School or
tradition		 Microcredit
Alma mater
Contributions
Awards
Information at IDEAS / RePEc

Muhammad Yunus (Bengali: মুহাম্মদ ইউনূস; 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. These 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 from below". 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".[2] Yunus has received several other national and international honours. He received the United States Presidential Medal of Freedom in 2009 and the Congressional Gold Medal in 2010.[3]

In 2008, he was rated number 2 in Foreign Policy magazine's list of the 'Top 100 Global Thinkers'.[4]

In February 2011, Yunus together with Saskia Bruysten, Sophie Eisenmann and Hans Reitz co-founded Yunus Social Business – Global Initiatives (YSB). YSB creates and empowers social businesses to address and solve social problems around the world. As the international implementation arm for Yunus' vision of a new, humane capitalism, YSB manages incubator funds for social businesses in developing countries and provides advisory services to companies, governments, foundations and NGOs.

In 2012, he became Chancellor of Glasgow Caledonian University in Scotland.[5][6] He is a member of the advisory board at Shahjalal University of Science and Technology. Previously, he was a professor of economics at Chittagong University in Bangladesh. He published several books related to his finance work. He is a founding board member of Grameen America and Grameen Foundation, which support microcredit.

Yunus also serves on the board of directors of the United Nations Foundation, a public charity created in 1998 by American philanthropist Ted Turner's $1 billion gift to support UN causes.[7]

In March 2011, the Bangladesh government fired Yunus from his position at Grameen Bank, citing legal violations and an age limit on his position.[8] Bangladesh's High Court affirmed the removal on 8 March. Yunus and Grameen Bank are appealing the decision, claiming Yunus' removal was politically motivated.

Early life and education

Early years

Yunus visiting Chittagong Collegiate School, in 2003

The third of nine children,[9] Yunus was born on 28 June 1940 to a Bengali Muslim family in the village of Bathua, by the Boxirhat Road in Hathazari, Chittagong in the Bengal Presidency of the British Raj, which today forms modern Bangladesh.[10][11] 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.[10][12] By 1949, his mother was afflicted with psychological illness.[11] Later, he passed the matriculation examination from Chittagong Collegiate School ranking 16th of 39,000 students in East Pakistan.[12] During his school years, he was an active Boy Scout, and traveled to West Pakistan and India in 1952, and to Canada in 1955 to attend Jamborees.[12] Later while Yunus studied at Chittagong College, he became active in cultural activities and won awards for drama.[12] In 1957, he enrolled in the Department of Economics at Dhaka University and completed his BA in 1960 and MA in 1961.

After graduation

After his graduation, Yunus joined the Bureau of Economics as a research assistant to the economics researches of Professor Nurul Islam and Rehman Sobhan.[12] Later, he was appointed lecturer in economics in Chittagong College in 1961.[12] During that time, he also set up a profitable packaging factory on the side.[11] 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.[13] From 1969 to 1972, Yunus was assistant professor of economics at Middle Tennessee State University in Murfreesboro.

During the Bangladesh Liberation War in 1971, Yunus founded a citizen's committee and ran the Bangladesh Information Center, with other Bangladeshis in the United States, to raise support for liberation.[12] He also published the Bangladesh Newsletter from his home in Nashville. After the War, he returned to Bangladesh and was appointed to the government's Planning Commission headed by Nurul Islam. However, he found the job boring and resigned to join Chittagong University as head of the Economics department.[14] After observing the famine of 1974, he became involved in poverty reduction and 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.[12] In order to make the project more effective, Yunus and his associates proposed the Gram Sarkar (the village government) programme.[15] Introduced by president Ziaur Rahman in the late 1970s, the Government formed 40,392 village governments as a fourth layer of government in 2003. On 2 August 2005, in response to a petition by Bangladesh Legal Aids and Services Trust (BLAST) the High Court had declared village governments illegal and unconstitutional.[16]

His concept of microcredit for supporting innovators in multiple developing countries also inspired programs such as the Infolady Social Entrepreneurship Programme.[17][18][19]

Early career

Main article: Grameen Bank
Further information: Grameen family of organizations
Grameen Bank Head Office at Mirpur-2, Dhaka

In 1976, during visits to the poorest households in the village of Jobra near Chittagong University, Yunus discovered that very small loans could make a disproportionate difference to a poor person. Village women who made bamboo furniture had to take usurious loans to buy bamboo, and repay their profits to the lenders. Traditional banks did not want to make tiny loans at reasonable interest to the poor due to high risk of default.[20] But Yunus believed that, given the chance, the poor will repay the money and hence microcredit was a viable business model.[21] 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 alongside Dr. Akhtar Hameed Khan, founder of the Pakistan Academy for Rural Development (now Bangladesh Academy for Rural Development), whom Yunus greatly admired.[22]

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. On 1 October 1983, the pilot project began operation as a full-fledged bank for poor Bangladeshis and was renamed Grameen Bank ("Village Bank"). Yunus and his colleagues encountered everything from violent radical leftists to conservative clergy who told women that they would be denied a Muslim burial if they borrowed money from Grameen.[11] By July 2007, Grameen had issued US$6.38 billion to 7.4 million borrowers.[23] 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.[15]

In the late 1980s, Grameen started to diversify by attending to underutilized fishing ponds and irrigation pumps like deep tube wells.[24] In 1989, these diversified interests started growing into separate organizations. The fisheries project became Grameen Motsho ("Grameen Fisheries Foundation") and the irrigation project became Grameen Krishi ("Grameen Agriculture Foundation").[24] 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, Grameen CyberNet Limited, and Grameen Knitwear Limited,[25] as well as Grameen Telecom, which has a stake in Grameenphone (GP), the biggest private phone company in Bangladesh.[26] 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.[27]

The success of the Grameen microfinance model inspired similar efforts in about 100 developing countries and even in developed countries including the United States.[28] Many microcredit projects retain Grameen's emphasis of lending to women. More than 94% 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.[29]

For his work with Grameen, Yunus was named an Ashoka: Innovators for the Public Global Academy Member in 2001.[30] In the book[31] Grameen Social Business Model, its author Rashidul Bari said that Grameen's social business model (GSBM) has gone from being theory to an inspiring practice adopted by leading universities (e.g., Glasgow), entrepreneurs (e.g., Franck Riboud) and corporations (e.g., Danone) across the globe. Through Grameen Bank, Rashidul Bari claims that Yunus demonstrated how Grameen Social Business Model can harness the entrepreneurial spirit to empower poor women and alleviate their poverty. One conclusion Bari suggested to draw from Yunus' concepts is that the poor are like a "bonsai tree", and they can do big things if they get access to the social business that holds potential to empower them to become self-sufficient.

Recognition

Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for their efforts to create economic and social development. In the prize announcement The Norwegian Nobel Committee mentioned:[2]

Yunus at the Grand Hotel in Oslo, Norway
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 the first Bangladeshi to ever get a Nobel Prize. After receiving the news of the important award, 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.[32]

Former US president Bill Clinton was a vocal advocate for the awarding of the Nobel Prize to Yunus. He expressed this in Rolling Stone magazine[33] as well as in his autobiography My Life.[34] In a speech given at University of California, Berkeley in 2002, President Clinton described Yunus as "a man who long ago should have won the Nobel Prize [in Economics and] I'll keep saying that until they finally give it to him."[35] Conversely, The Economist stated explicitly that while Yunus was doing excellent work to fight poverty, it was not appropriate to award him the Peace Prize, stating: "... the Nobel committee could have made a braver, more difficult, choice by declaring that there would be no recipient at all."[36]

Muhammad Yunus at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland

He is one of only seven persons to have won the Nobel Peace Prize, Presidential Medal of Freedom,[37] and the Congressional Gold Medal.[38] Other notable awards include the Ramon Magsaysay Award in 1984,[15] the World Food Prize,[39] the International Simon Bolivar Prize (1996),[40] the Prince of Asturias Award for Concord[41] and the Sydney Peace Prize in 1998,[42] and the Seoul Peace Prize in 2006. 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.[43][44][45] Bangladesh government brought out a commemorative stamp to honour his Nobel Award.[46]

Yunus was named by Fortune Magazine in March 2012 as one of 12 greatest entrepreneurs of the current era.[47] In its citation, Fortune Magazine said "Yunus' idea inspired countless numbers of young people to devote themselves to social causes all over the world."

In January 2012, Yunus featured in Transformative Entrepreneurs: How Walt Disney, Steve Jobs, Muhammad Yunus and Other Innovators Succeeded a book by Jeffrey Harris.[48]

Yunus was named "Nobel-Laureate-in-Residence" at Universiti Kebangsaan Malaysia (National University of Malaysia) on 15 July 2011.[49]

Yunus delivered the Seventh Nelson Mandela Annual Lecture.[50]

In January 2008, Houston, Texas declared 14 January as "Muhammad Yunus Day".[51]

On 15 May 2010, Yunus gave the commencement speech at Rice University for the graduating class of 2010. On 16 May 2010, Yunus gave the commencement speech at Duke University for the graduating class of 2010. During this ceremony, he was also awarded an honorary degree, Doctor of Humane Letters. On 11 June 2016, Yunus gave the commencement speech at UC San Diego for the graduating class of 2016.

Yunus was invited and gave the Wharton School of Business commencement address on 17 May 2009,[52] the MIT commencement address on 6 June 2008,[53] Adam Smith Lecture at Glasgow University on 1 December 2008[54] and Oxford's Romanes Lecture on 2 December 2008.[55]

He received the Dwight D. Eisenhower Medal for Leadership and Service from the Eisenhower Fellowships at a ceremony in Philadelphia on 21 May 2009. He was also voted 2nd in Prospect Magazine's 2008 global poll of the world's top 100 intellectuals.[56]

Yunus was named among the most desired thinkers the world should listen to by the FP 100 (world's most influential elite) in the December 2009 issue of Foreign Policy magazine.[57] On 1 March 2010, Yunus was awarded the prestigious Presidential Award from the University of Illinois at Urbana–Champaign. This is the highest honour available from the University.

Muhammad Yunus with Brazilian President Lula Da Silva in 2008 after winning Nobel Peace Prize

A documentary on Yunus' work titled To Catch a Dollar was shown at the 2010 Sundance Film Festival and is due to be released in theatres in the US on September 2010.

In 2010, The British Magazine New Statesman listed Yunus at 40th in the list of "The World's 50 Most Influential Figures 2010".[58]

In October 2010, He received the Social Entrepreneur of the Year Award at The Asian Awards.[59]

On 22 September 2011 the documentary film, Bonsai People – The Vision of Muhammad Yunus, the first documentary film that looks his full body of work from microcredit to social business, premiered at the United Nations.

Yunus received 50 honorary doctorate degrees 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 US.[60]

United Nations Secretary General, Ban Ki-Moon, invited Yunus to serve as an MDG Advocate. Yunus sits on the Board of United Nations Foundation, Schwab Foundation, Prince Albert II of Monaco Foundation, Grameen Credit Agricole Microcredit Foundation. He has been a member of Fondation Chirac's honour committee,[61] ever since the foundation was launched in 2008 by former French president Jacques Chirac in order to promote world peace.

Yunus has appeared on The Daily Show with Jon Stewart and The Oprah Winfrey Show in 2006, The Colbert Report in 2008, Real Time with Bill Maher in 2009 and The Simpsons in 2010. On Google+, Yunus is one of the most followed person worldwide, with over two million followers.[62]

In 2012 Yunus was installed as Chancellor of Glasgow Caledonian University.[5] US House and Senate leaders held a ceremony to present Yunus with the Congressional Gold Medal on 17 April 2013 in Washington, D.C. for his contributions to the fight against global poverty.[63]

The Congressional Gold Medal is the highest civilian honor bestowed by the United States Congress. At the ceremony, which you can watch on YouTube, Sen. Dick Durbin (D-IL) explained why Yunus is such a visionary: "It's been said that almost anyone can make something complicated. It takes a genius to make something simple. My friends, make no mistake; Muhammad Yunus is a genius." The gold medal was awarded to Yunus with the 111th Congress Public Law 253.[38]

Political activity

Yunus (right) at a book signing at the London School of Economics
See also: Nagorik Shakti

In early 2006 Yunus, along with other members of the civil society including Professor Rehman Sobhan, Justice Muhammad Habibur Rahman, Dr Kamal Hossain, Matiur Rahman, Mahfuz Anam and Debapriya Bhattacharya, participated in a campaign for honest and clean candidates in national elections.[64] He considered entering politics in the later part of that year.[65] On 11 February 2007, Yunus wrote an open letter, published in the Bangladeshi newspaper Daily Star, where he asked citizens for views on his plan to float a political party to establish political goodwill, proper leadership and good governance. In the letter, he called on everyone to briefly outline how he should go about the task and how they can contribute to it.[66] Yunus finally announced that he is willing to launch a political party tentatively called Citizens' Power (Nagorik Shakti) on 18 February 2007.[67][68] There was speculation that the army supported a move by Yunus into politics.[69] On 3 May, however, Yunus declared that he had decided to abandon his political plans following a meeting with the head of the interim government, Fakhruddin Ahmed.[70]

In July 2007 in Johannesburg, South Africa, Nelson Mandela, Graça Machel and Desmond Tutu convened a group of world leaders "to contribute their wisdom, independent leadership and integrity to tackle some of the world's toughest problems."[71] Nelson Mandela announced the formation of this new group, The Elders, in a speech he delivered on the occasion of his 89th birthday.[72] Yunus attended the launch of the group and was one of its founding members. He stepped down as an Elder in September 2009, stating that he was unable to do justice to his membership due to the demands of his work.[73]

Yunus is a member of the Africa Progress Panel (APP), a group of ten distinguished individuals who advocate at the highest levels for equitable and sustainable development in Africa. Every year, the Panel releases a report, the Africa Progress Report, that outlines an issue of immediate importance to the continent and suggests a set of associated policies. In 2012, the Africa Progress Report highlighted issues of Jobs, Justice, and Equity.[74] The 2013 report will outline issues relating to oil, gas, and mining in Africa.

In July 2009, Yunus became a member of the SNV Netherlands Development Organisation International Advisory Board to support the organisation's poverty reduction work.[75]

Since 2010, Yunus has served as a Commissioner for the Broadband Commission for Digital Development, a UN initiative which seeks to use broadband internet services to accelerate social and economic development.[76]

He also serves on the advisory board of the Holcim Foundation for Sustainable Construction, a foundation supporting initiatives that combine sustainable construction solutions with architectural excellence.[77]

In 2011, Yunus was part of the Jury which chose the universal Logo for Human Rights. Its goal was to create an internationally recognised logo to support the global human rights movement.[78] In March 2016, he was appointed by United Nations Secretary-General Ban Ki-moon to the High-Level Commission on Health Employment and Economic Growth, which was co-chaired by presidents François Hollande of France and Jacob Zuma of South Africa.[79]

Controversies

Yunus at One Young World 2011 in Zurich

Since late November 2010, several allegations have been made against Yunus. They started with a critique of microcredit and blame of Grameen Bank on several points in the documentary "Caught in Micro Debt"[80] on Norwegian television on 30 November 2010.[81] This developed at a time when larger questions were being raised about the benefits of microfinance and its effects on poverty alleviation, particularly regarding several microfinance institutions (MFIs) in India[82] and Mexico.[83]

The allegations against Yunus became political when the government of Bangladesh – led by Sheikh Hasina turned against him and the concept of microfinance, accusing it of "sucking blood from the poor".[84] Hasina reportedly viewed Yunus as a political rival since Yunus considered creating a political party in 2007.[85] In the book Grameen Social Business Model,[86] its author Rashidul Bari compared the political opposition in Bangladesh by Sheikh Hasina against Yunus as a replay of the conflict between Pope Urban VIII and Galileo Galilei.[87]

Pope Urban VIII ... put 70-year-old Galileo in prison in 1632 for condemning and rejecting Ptolemy's geocentric model, which was adopted by the early Christian Church. In the same spirit, Sheikh Hasina ... who labeled Yunus as a "blood sucker of poor people"—unleashed her propaganda machine (e.g., AMA Muhith) to remove Yunus from Grameen—and used the High Court and Supreme Court to justify her illegal decision. Why did Pope Urban VIII insult the Father of Astronomy? Because Galileo rejected the accepted Christian Church view, that the earth is the center of the universe, and that all other celestial objects orbit around it. Why has Hasina insulted the Father of Microcredit? Because, in 2007, Yunus criticized Hasina, accusing her of corruption.[87]

The Government announced a review of Grameen Bank activities on 11 January 2011,[88] which is ongoing. In February, several international leaders, such as Mary Robinson, stepped up their defence of Yunus through a number of efforts, including the founding of a formal network of supporters known as "Friends of Grameen".[89]

On 15 February 2011, the Finance Minister of Bangladesh, Abul Maal Abdul Muhith, declared that Yunus should "stay away" from Grameen Bank while it is being investigated.[90] On 2 March 2011, Muzammel Huq – a former Bank employee, whom the government had appointed Chairman in January[91] – announced that Yunus had been fired as Managing Director of the Bank.[92] However, Bank General Manager Jannat-E Quanine issued a statement that Yunus was "continuing in his office" pending review of the legal issues surrounding the controversy .[93]

In March 2011, Yunus petitioned the Bangladesh High Court challenging the legality of the decision by the Bangladeshi Central Bank to remove him as Managing Director of Grameen Bank.[94] The same day, nine elected directors of Grameen Bank filed a second petition.[95] Following Hillary Clinton, John Kerry expressed his support to Yunus in a statement on 5 March 2011 and declared that he was "deeply concerned" by this affair. The same day in Bangladesh, thousands of people protested and formed human chains to support Yunus.[96] The High Court hearing on the petitions, was planned for 6 March 2011 but postponed. On 8 March 2011, the Court confirmed Yunus's dismissal.[97]

Allegations of embezzlement

A Danish documentary, Caught in Micro Debt,[80] produced and directed by journalist Tom Heinemann, aired on Norwegian national television NRK in November 2010. It made a number of allegations against Yunus and Grameen Bank. Those allegations were disproved by later inquiries. The documentary falsely accused Yunus and Grameen Bank of diverting 7 billion taka (about 100 million US dollars) given by the Norwegian Agency for Development Cooperation (NORAD) from Grameen Bank to another organisation called Grameen Kalyan in 1996. This allegation was widely spread in the Bangladeshi electronic media in December 2010.[98] On 6 December, NORAD published a statement[99] clearing Yunus and the Bank from any wrongdoing on this point, following a comprehensive review of NORAD's support commissioned by the Minister of International Development.

However, the allegations quickly spread through the Bangladesh media. Leading Bangladeshi economist Rehman Sobhan stated "Rather than first seeking clarification and response from Grameen Bank as to the validity of the TV program, some sections of the media and society pounced on it with unseemly enthusiasm, using it as an opportunity to cite wrongdoing in a widely respected organization." Yunus asked for consistent and transparent investigations on these matters.[100] Canadian author and social worker of Bangladeshi origin Reza Sattar has written about Yunus involvement in microcredit loan conspiracy and how it has affected the economy of Bangladesh in his book - Siege Nobel Foundation.[101]

Accusation of 'loan sharking' and effectiveness of microfinance

Yunus at an opening ceremony of his new book in New York City

The allegations against Muhammad Yunus and Grameen Bank were made in a context where some people began to question the effectiveness of microfinance, prompted by the actions of some for-profit microfinance institutions (MFIs) in India[82] and Mexico.[83] Coercion, peer pressure and physical harassment were reportedly used as loan repayment practices in some specific MFIs.[102] Commercialization of microcredit[103] prompted Yunus to state that he "never imagined that one day microcredit would give rise to its own breed of loan sharks."[104]

The lure of profits attracted some for-profit MFIs to hold initial public offerings (IPOs), including the largest Indian MFI, SKS Microfinance, which held an IPO in July 2010.[105] In September 2010, Yunus criticized the IPO; in a debate with SKS founder Vikram Akula during the Clinton Global Initiative meeting,[106] he said, "Microcredit is not about exciting people to make money off the poor. That's what you're doing. That's the wrong message completely." Calculations of actual interest rate vary, but one estimate puts average Grameen rates at about a 23% interest rate (comparable to the inflation rate).[107] At the same time the organization enjoyed a tax-free status for a period of several years which now has been removed.[108]

Sympathizers of Yunus allege that the government of Bangladesh is exploiting this "moral crisis around microcredit" to oust Yunus.[109]

Political motivations behind the allegations

Though Grameen Bank was quickly cleared by the Norwegian government of all allegations surrounding misused or misappropriated funds in December 2010, in March 2011 the Bangladeshi government launched a three-month investigation of all Grameen Bank's activities.[88] This inquiry prevented Muhammad Yunus from participating in the World Economic Forum.[110]

In January 2011, Yunus appeared in court in a defamation case filed by a local politician from a minor left-leaning party in 2007, complaining about a statement that Yunus made to the AFP news agency, "Politicians in Bangladesh only work for power. There is no ideology here".[111] At the hearing, Yunus was granted bail and exempted from personal appearance at subsequent hearings.[112]

These investigations fueled suspicion that many attacks might be politically motivated,[113] due to difficult relations between Sheikh Hasina and Yunus since early 2007, when Yunus created his own political party, an effort he dropped in May 2007.[70]

Transition to new management

At 72 years old, he was 12 years beyond the legal retirement age for civil servants in Bangladesh in 2011.[114] Government spokespersons called for Yunus to step down and declared, "We need to redefine the bank's role and bring it under closer regulation."[115]

The government as chairman Muzammel Huq, himself a foundational figure of the Grameen Bank and one of senior managers together with Yunus of GB Research and Operations until the early 2000s.[91] He has publicly criticised Yunus, saying, "I think he is a good man with a small heart ... He cannot give credit to anyone but himself".

Allegations involving partners: the food case and the phone case

On 27 January 2011, Yunus appeared in court in a food-adulteration case filed by the Dhaka City Corporation (DCC) Food Safety Court, accusing him of producing an "adulterated" yogurt[116] whose fat content was below the legal minimum. This yogurt is produced by Grameen Danone, a social business joint venture between Grameen Bank and Danone that aims to provide opportunities for street vendors who sell the yogurt and to improve child nutrition with the nutrient-fortified yogurt. According to Yunus's lawyer, the allegations are "false and baseless".[117] At the request of Yunus's lawyers, pointing procedural irregularities and errors, this case is now considered by the High Court.

On 15 February 2011, Yunus was summoned by a court in Pabna (in North Bangladesh) to appear on 18 April in a fraud case involving Grameen Phone.[118] This case concerns a Grameen village phone user, who received overdue bills although she had paid the bills regularly.

Investigation by an 2012 independent public commission examining the Grameen Bank assert that Yunus misrepresented his authority and abused his powers during his tenure in management. The report establishes that legal challenges exist for authority of the Grameen Bank to have acted as guarantor and to have forwarded credit to independent private enterprises during Dr. Yunus's tenure. The report raised specific questions relating to a) establishment and financing of GrameenPhone, a for-profit telecommunications entity initially established as a trust for the Grameen Bank borrowers together with Norwegian government owned multinational Telenor by Dr Yunus, and b) simultaneous management and operational financing of private enterprises established by Dr Yunus applying resources of the Grameen Bank. The commission also examined the legal status of the Grameen Bank and concluded that it was de jure public i.e. government entity, of which incompetent oversight by the state and (potentially unwitting) misrepresentation by Dr. Yunus in past resulted in the popular perception of the private ownership. The commission report refers to obstruction of commission investigations by current Grameen Bank management, representatives of Telenor, the Government of Bangladesh, and by partisans of Dr. Yunus. Full implications of the report are thus far not closely examined in either state-controlled elements of Bangladeshi media, or by pro-Yunus press releases, where these implicate Dr Yunus as at least accessory to corruption at the nexus of the Bangladeshi public-commercial establishment, in collusion with other parties. See Grameen Bank Commission report http://www.mof.gov.bd/en/budget/gb/Grameen_Bank_Interim_Report.pdf.

Criticism of ideas

Microfinance has been criticized in the foreign media. The Guardian (UK) asked whether microfinance was a 'neoliberal fairytale'. The article pointed out criticisms including that most loans are not used to create small businesses, but instead 'consumption smoothing'.[119] Muhammad Yunus is widely perceived to be the founder of microcredit, though similar schemes had been operating for centuries. His idea of forming self-help groups among women borrowers was preceded by schemes set up by Khushi Kabir at BRAC.[120]

Personal life

In 1967, while Yunus attended Vanderbilt University, he met Vera Forostenko, a student of Russian literature at Vanderbilt University and daughter of Russian immigrants to Trenton, New Jersey, US. They were married in 1970.[11][14] Yunus's marriage with Vera ended within months of the birth of their baby girl, Monica Yunus (born 1979 Chittagong), as Vera returned to New Jersey claiming that Bangladesh was not a good place to raise a baby.[11][14] Yunus later married Afrozi Yunus, who was then a researcher in physics at Manchester University.[14] She was later appointed as a professor of physics at Jahangirnagar University. Their daughter Deena Afroz Yunus was born in 1986.[14]

Yunus's brothers are also active in academia. His brother Muhammad Ibrahim is a professor of physics at Dhaka University and the founder of The Center for Mass Education in Science (CMES), which brings science education to adolescent girls in villages.[121] His younger brother Muhammad Jahangir is a popular television presenter and a well known social activist in Bangladesh. He is also the moderator of several Talk show programmes in Bangladesh. Monica Yunus, his elder daughter, is a Bangladeshi-Russian American operatic soprano, working in New York City.[122]

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.

Publications

Legacy and honours

See also

References

  1. ↑ "List of Independence Awardees". Cabinet Division, Government of People's Republic of Bangladesh (in Bangla). Retrieved 29 November 2012.
  2. 1 2 "The Nobel Peace Prize for 2006". NobelPrize.org. 13 October 2006. Retrieved 13 October 2006.
  3. ↑ "House and Senate Leaders Announce Gold Medal Ceremony for Professor Muhammad Yunus", Press Release, US Congress
  4. ↑ FP Top 100 Global Thinkers
  5. 1 2 "Muhammad Yunus accepts Glasgow Caledonian University post". BBC News. 1 July 2012.
  6. ↑ "Muhammad Yunus Chancellor of Glasgow Caledonian University". UK Parliament. 16 July 2012.
  7. ↑ United Nations Foundation, additional text.
  8. ↑ Polgreen, Lydia; Bajaj, Vikas (2 March 2011). "Microcredit Pioneer Ousted, Head of Bangladeshi Bank Says". The New York Times.
  9. ↑ "About Dr. Yunus: Family". MuhammadYunus.ORG. Archived from the original on 16 April 2008. Retrieved 14 May 2008.
  10. 1 2 "First loan he gave was $27 from own pocket". The Daily Star. 14 October 2006. Retrieved 22 August 2007.
  11. 1 2 3 4 5 6 Haider, Mahtab (1 January 2007). "Muhammad Yunus: The triumph of idealism". New Year Special: Heroes. New Age. Archived from the original on 7 January 2007. Retrieved 11 September 2007.
  12. 1 2 3 4 5 6 7 8 Yunus, Muhammad (14 October 2003). "গিরেবর উপকাের লােগ োদেখ বਗ਼ োলাক অামােদর বઘাংেক টাকা জমা রাখেত এিগেয় এেসেছ ড় মઓহামઅদ ইউনકস". The daily Prothom Alo (Printed interview in Bengali). Interview with Rahman, Matiur. Dhaka. Archived from the original on 12 October 2007. Retrieved 9 January 2015.
  13. ↑ Yunus to receive Nichols-Chancellor's Medal, Vanderbilt News, 12 March 2007; Retrieved: 9 September 2007
  14. 1 2 3 4 5 Yunus, Muhammad; Jolis, Alan. Banker to the Poor: micro-lending and the battle against world poverty. New York: PublicAffairs hc. pp. 20–29. ISBN 978-1-58648-198-8.
  15. 1 2 3 "Yunus, Muhammad - Citation". Ramon Magsaysay Award Foundation. Retrieved 17 August 2007.
  16. ↑ "Bangladesh: Country of Origin Information Report". Country of Origin Information Service. UK: Border & Immigration Agency. 15 June 2007. Archived from the original (DOC) on 27 September 2007. Retrieved 9 September 2007.
  17. ↑ "The Info Ladies of Bangladesh: The women who bring the web on wheels to thousands in country's remotest villages". Daily Mail. London. 2 November 2012.
  18. ↑ "Internet rolls into Bangladesh villages on a bike". A Safe World for Women.
  19. ↑ "Info Ladies – Riding Internet into Rural Bangladesh!". Amader Kotha. 8 November 2012.
  20. ↑ "Profile: 'World banker to the poor'". BBC. 13 October 2006. Retrieved 16 October 2006.
  21. ↑ Yunus, Muhammad; Jolis, Alan. Banker to the Poor: micro-lending and the battle against world poverty. New York: PublicAffairs hc. pp. 46–49. ISBN 978-1-58648-198-8.
  22. ↑ Yousaf, Nasim (17 October 2006). "7th Death Anniversary – A Tribute to Dr. Akhter Hameed Khan". Statesman. Retrieved 20 August 2007.
  23. ↑ "GB at a glance", Muhammad Yunus, Grameen Info; Retrieved: 9 September 2007
  24. 1 2 Yunus, Muhammad. "Introduction". Grameen Family. Archived from the original on 18 June 2008. Retrieved 7 September 2007.
  25. ↑ "Grameen Fund ventures on Grameen official website". Grameen-info.org. Archived from the original on 12 October 2007. Retrieved 14 September 2009.
  26. ↑ "About Grameenphone". Grameenphone. 16 November 2006. Archived from the original on 10 August 2007. Retrieved 22 August 2007. Grameenphone is now the leading telecommunications service provider in the country with more than 10 million subscribers as of November 2006.
  27. ↑ "Village Phone". About Grameenphone. Grameenphone. 2006. Archived from the original on 10 August 2007. Retrieved 22 August 2007.
  28. ↑ "Grameen Bank, a Nobel-winning concept". The Hindu. 23 October 2006. Retrieved 9 September 2007.
  29. ↑ Yunus, Muhammad (25 March 1997). "World in Focus: Interview with Prof. Muhammad Yunus". Foreign Correspondent; ABC online (Transcript of broadcast interview). Interview with Negus, George. Retrieved 22 August 2007.
  30. ↑ "Muhammad Yunus, Ashoka's Global Academy Member, Wins Nobel Peace Prize". Ashoka.org. 13 October 2006. Retrieved 17 August 2007.
  31. ↑ Posman, Jerald (26 January 2008). "In thrall to an agent of change". The Daily Star.
  32. ↑ "Yunus wins peace Nobel for anti-poverty efforts". Associated Press. 13 October 2006. Retrieved 16 August 2007.
  33. ↑ Boulden, Jim (29 March 2001). "The birth of micro credit". CNN. Retrieved 19 August 2007.
  34. ↑ Clinton, Bill (2004). My Life: The Presidential Years. New York, Knopf.: Vintage Books. p. 329. ISBN 0-375-41457-6. Muhammad Yunus should have been awarded the Nobel Prize in Economics years ago.
  35. ↑ Ainsworth, Diane (29 January 2002). "Transcript of the Jan. 29, 2002 talk by former President Bill Clinton at the University of California, Berkeley". Clinton: education, economic development key to building a peaceful, global village. UC Regents. Retrieved 22 August 2007.
  36. ↑ "Losing its Lustre". The Economist. 13 October 2006. Retrieved 28 June 2008.
  37. ↑ "President Obama Names Medal of Freedom Recipients", White House Office of the Press Secretary, 30 July 2009
  38. 1 2 "Public Law 111–253—OCT. 5, 2010" (PDF). US Government Publishing Office.
  39. ↑ "Dr. Muhammad Yunus". World Food Prize. Retrieved 29 August 2007.
  40. ↑ "MUHAMMAD YUNUS RECEIVES 1996 INTERNATIONAL SIMON BOLIVAR PRIZE AT UNESCO". UNESCO. Retrieved 13 August 2012.
  41. ↑ "Nicolás Castellanos, Vicente Ferrer, Joaquín Sanz Gadea and Muhammad Yunus, 1998 Prince of Asturias Award for Concord". Fundación Princesa de Asturias. Retrieved 13 August 2012.
  42. ↑ "1998 Professor Muhammed Yunus". Sydney Peace Foundation. Retrieved 13 August 2012.
  43. ↑ "Awards". Yunus Centre.
  44. ↑ "Profile: Dr. Muhammad Yunus". Bangladesh News. 14 October 2006. Archived from the original on 17 October 2006.
  45. ↑ "CV of Professor Muhammad Yunus". Yunus Centre.
  46. ↑ Sydney Peace Prize recipients, Sydney Peace Prize Foundation website; Retrieved: 9 September 2007
  47. ↑ Byrne, John A. (9 April 2012). "The 12 greatest entrepreneurs of our time". Fortune. Archived from the original on 24 March 2012.
  48. ↑ Harris, Jeffrey (2012). Transformative entrepreneurs: how Walt Disney, Steve Jobs, Muhammad Yunus, and other innovators succeeded. New York: Palgrave Macmillan. ISBN 978-0-230-34026-8.
  49. ↑ "Professor Yunus urges young Malaysians to solve society's problems with their own creativity". Yunus Centre. Retrieved 13 August 2012.
  50. ↑ "Seventh Nelson Mandela Annual Lecture address – Nelson Mandela Centre of Memory". Nelsonmandela.org. Retrieved 13 August 2012.
  51. ↑ Staff Correspondent, Houston mayor declares 14 January "Yunus Day", 16 January 2008; Retrieved: 16 January 2008
  52. ↑ "Professor Muhammad Yunus' Commencement Speech". Grameensocialbusiness.org. 17 May 2009. Retrieved 13 August 2012.
  53. ↑ "Yunus Speaks About Capitalism, Poverty, and the Future of 'Social Business'" – The Tech, Volume 128, Issue 28: Friday, 13 June 2008
  54. ↑ "Adam Smith Lecture at Glasgow University". Yunus Centre. Retrieved 13 August 2012.
  55. ↑ "Romanes Lecture". University of Oxford.
  56. 1 2 "Intellectuals". Prospect Magazine. 2009. Archived from the original on 30 September 2009. Retrieved 13 August 2012.
  57. ↑ Sheldon, Blaine (25 November 2009). "The Wisdom of the Smart Crowd". Foreign Policy. Retrieved 30 November 2009. (registration required (help)).
  58. ↑ "50 People Who Matter 2010". Retrieved 2 November 2010.
  59. ↑ List of Winners of 2010 Asian Awards .
  60. ↑ "Honourary Degrees". Yunus Centre. Retrieved 13 August 2012.
  61. ↑ "Honor Committee". Fondation Chirac.
  62. ↑ "Muhammad Yunus Google+ Statistics". Socialstatistics.com. Archived from the original on 6 August 2012. Retrieved 13 August 2012.
  63. ↑ "U.S. Congress Presents Gold Medal To Professor Muhammad Yunus". Speaker Boehner Press Office. 17 April 2013. Retrieved 21 August 2013.
  64. ↑ "Parliament with honest, efficient must for development". The New Nation. 21 March 2006. Retrieved 22 August 2007.
  65. ↑ "Yunus not willing to be caretaker chief". The Daily Star. 18 October 2006. Retrieved 18 August 2007.
  66. ↑ "Yunus seeks people's views on floating political party". The Daily Star. 12 February 2007. Retrieved 18 August 2007.
  67. ↑ Siddique, Islam (18 February 2007). "Bangladesh Nobel Laureate Announces His Political Party's Name". All Headline News. Archived from the original on 20 February 2007. Retrieved 18 August 2007.
  68. ↑ Staff Reporter (12 February 2007). "'I will do politics of unity': Yunus names his party Nagorik Shakti". The New Nation. 34138. Archived from the original on 27 September 2007. Retrieved 18 August 2007.
  69. ↑ Mustafa, Sabir (5 April 2007). "Bangladesh at a crossroads". BBC. Retrieved 18 August 2007. At first glance, the current state of Bangladesh appears to be a paradox: a country under a state of emergency, but where the general public seem quite content.
  70. 1 2 "Yunus drops plans to enter politics". Al Jazeera. 3 May 2007. Retrieved 18 August 2007.
  71. ↑ "Nelson Mandela and Desmond Tutu announce The Elders". TheElders.org. 18 July 2007. Retrieved 1 May 2013.
  72. ↑ "Mandela joins 'Elders' on turning 89". MSNBC. Associated Press. 20 July 2007. Retrieved 24 August 2007.
  73. ↑ "Muhammad Yunus steps down". TheElders.org. 21 September 2009. Retrieved 1 May 2013.
  74. ↑ "Jobs, Justice and Equity: Seizing opportunities in times of global change". Africa Progress Panel. May 2012. Archived from the original on 9 January 2013.
  75. ↑ "SNV Netherlands Development Organisation establishes International Advisory Board". Snvworld.org. 8 July 2009. Archived from the original on 28 July 2011. Retrieved 12 March 2011.
  76. ↑ "Commissionners". Broadbandcommission.org. Archived from the original on 14 May 2010. Retrieved 12 March 2011.
  77. ↑ "Muhammad Yunus". LafargeHolcim Foundation.
  78. ↑ "The Universal Logo For Human Rights - Human Rights Have a Symbol". Human Rights Logo.
  79. ↑ High-Level Commission on Health Employment and Economic Growth – Commissioners World Health Organization.
  80. 1 2 "New Film: "Caught in Micro debt"". flipthecoin.org. Retrieved 9 March 2011.
  81. ↑ Hafez Ahmed (13 December 2010). "Prof Yunus makes a strong defence of GB 'fund transfer'". Thefinancialexpress-bd.com. Retrieved 9 March 2011.
  82. 1 2 Kashyap, Arjun (28 July 2010). "SKS IPO Opens Today, Reactions Mixed". Microfinance Insights. Archived from the original on 31 July 2010. Retrieved 9 March 2011.
  83. 1 2 Epstein, Keith (13 December 2007). "Compartamos: From Nonprofit to Profit". Bloomberg BusinessWeek. Retrieved 9 March 2011.
  84. ↑ Hafez Ahmed (6 December 2010). "Fund transfer allegation against Prof Yunus needs inquiry: PM". Thefinancialexpress-bd.com. Retrieved 9 March 2011.
  85. ↑ Joehnk, Tom Felix (12 February 2007). "Yunus considers new Bangladesh party". Financial Times. Retrieved 9 March 2011. (subscription required (help)).
  86. ↑ Bari, Rashidul. "The Revolution Has Begun in Bangladesh". Asian Tribune. Retrieved 13 August 2012.
  87. 1 2 Bari, Rashidul (11 April 2011). "Fool Minister Hasina". Global Politician. Archived from the original on 20 April 2011. Retrieved 13 August 2012.
  88. 1 2 Ahmed, Farid (14 January 2011). "Nobel-winning microcredit bank comes under scrutiny". CNN. Retrieved 9 March 2011.
  89. ↑ "Huge support for Yunus". The Daily Star. 18 February 2011. Retrieved 9 March 2011.
  90. ↑ "Bangladesh Nobel winner Yunus should 'stay away'". Google. Agence France-Presse. 15 February 2011. Archived from the original on 25 May 2012. Retrieved 10 March 2011.
  91. 1 2 Polgreen, Lydia (29 January 2011). "Bangladesh Inspects Grameen Bank and Muhammad Yunus". The New York Times.
  92. ↑ "Bangladesh Trying To Fire Muhammad Yunus, Nobel Laureate, From Microlender Grameen". Huffington Post. 2 March 2011. Retrieved 9 March 2011.
  93. ↑ "Statement of Grameen Bank". Grameen.
  94. ↑ "Yunus files writ petition against his removal". bdnews24.com. 3 March 2011. Retrieved 9 March 2011.
  95. ↑ "Another writ petition filed challenging govt decision". The Daily Star. 3 March 2011. Retrieved 9 March 2011.
  96. ↑ Alam, Shafiq (5 March 2011). "Thousands in Bangladesh protest at Yunus sacking". Yahoo News. AFP. Retrieved 28 March 2011.
  97. ↑ "Bangladesh judge confirms Yunus sacking". Business Recorder. Karachi. Agence France-Presse. 8 March 2011. Retrieved 9 March 2011.
  98. ↑ "Exclusive: Yunus 'siphoned Tk 7bn aid for poor'". bdnews24.com. 1 December 2010. Retrieved 9 March 2011.
  99. ↑ "Report on Norwegian assistance to Grameen Bank". regjeringen.no. 7 December 2010. Retrieved 9 March 2011.
  100. ↑ Sobhan, Rehman (17 December 2010). "Honouring ourselves". The Daily Star. Retrieved 9 March 2011.
  101. ↑ Sattar, Reza (2014). Seize Nobel Foundation. Charleston, SC: CreateSpace. ISBN 978-1-5023-7184-3.
  102. ↑ "The need for a balanced development policy". The Morung Express. Retrieved 10 March 2011.
  103. ↑ "Profit-focused MFIs are loan sharks: Yunus". Times of India. 21 February 2011. Retrieved 10 March 2011.
  104. ↑ "Sacrificing Microcredit for Megaprofits". Yunus Centre. Archived from the original on 10 February 2011. Retrieved 10 March 2011.
  105. ↑ Kinetz, Erika (28 July 2010). "SKS Launches India's First Microfinance IPO". Bloomberg Businessweek. Associated Press. Retrieved 10 March 2011.
  106. ↑ Bahree, Megha (11 October 2010). "A Big Split Over Microfinance". Forbes. Retrieved 10 March 2011.
  107. ↑ "Quick: What's the Grameen Bank's Interest Rate?". Center For Global Development.
  108. ↑ "Microcredit or Macrowelfare: The Myth of Grameen". Mises Institute.
  109. ↑ Fontaine, Jacques (3 February 2011). "Haro sur le " banquier des pauvres "". Désirs d'Afrique (Blog) (in French). Retrieved 10 March 2011.
  110. ↑ "Social Entrepreneurs Impact World Leaders". Schwab Foundation for Social Entrepreneurship. 25 January 2011. Archived from the original on 2 February 2011. Retrieved 10 March 2011.
  111. ↑ Hafez Ahmed. "Prof Yunus appears in court today". Newstoday.com.bd. Retrieved 10 March 2011.
  112. ↑ "Grameen's Muhammad Yunus in court for defamation case". BBC News. 18 January 2011. Retrieved 10 March 2011.
  113. ↑ Jason Burke (21 February 2011). "Microfinance guru Muhammad Yunus faces removal from Grameen Bank". The Guardian. London. Retrieved 10 March 2011.
  114. ↑ "Yunus beyond legal age limit". The Daily Star. 1 March 2011. Retrieved 12 March 2011.
  115. ↑ "Dr Yunus survives attempt to oust him". News BNN. 28 February 2011. Archived from the original on 2 March 2011. Retrieved 12 March 2011.
  116. ↑ Farid Ahmed (28 January 2011). "Bangladeshi Nobel laureate faces fresh legal trouble at home". CNN. Retrieved 12 March 2011.
  117. ↑ "Contaminated yoghurt lands Yunus in dock". Deccan Chronicle. Agence France-Presse. 28 January 2011. Archived from the original on 13 February 2011. Retrieved 12 March 2011.
  118. ↑ "Yunus sued over Palli Phone bill". Priyo. 15 February 2011. Retrieved 12 March 2011.
  119. ↑ Bunting, Madeleine (9 March 2011). "Is microfinance a neoliberal fairytale?". The Guardian. Retrieved 9 March 2011.
  120. ↑ Melik, James (2015). Muhammad Yunus Saint or Sinner?. Amazon. p. 70. ISBN 978-1-5195-7954-6.
  121. ↑ Center for Mass Education in Science (CMES) – Bangladesh, Human Resource Development Recommendations, International Labour Organization; Retrieved: 27 August 2007
  122. ↑ "Monica Yunus, Soprano". Biography. VoxPagel.com. Archived from the original (asp) on 27 January 2007. Retrieved 2 September 2007.
  123. ↑ "25 Most Influential". Nightly Business Report. PBS. Archived from the original on 1 August 2008. Retrieved 13 August 2012.
  124. ↑ Tharoo, Ishaan (13 November 2006). "Asian Heroes: Muhammad Yunus". Time. Retrieved 9 January 2015. (subscription required (help)).
  125. ↑ "Dr Yonus awarded Golden Biatec 2008". The Financial Express. Dhaka. 13 October 2010.

Further reading

External links

Wikiquote has quotations related to: Muhammad Yunus
Wikimedia Commons has media related to Muhammad Yunus.
Awards and achievements
Preceded by
He Kang		 World Food Prize
1994 		Succeeded by
Hans R. Herren
Academic offices
Preceded by
Gus Macdonald		 Chancellor of Glasgow Caledonian University
2012–present 		Succeeded by
Incumbent
This article is issued from Wikipedia - version of the 12/4/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.