Astounding innovative way to fight poverty. Muhammad Yunus
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Posted By: Marta Fernandez on November 27, 2008 Loans given out without collateral? I know that the Islamic family can truly appreciate this information. Perhaps the Nation can create a similar program for its members. It shows the power of honesty, something sorely lacking in westernized nations. Introduction Grameen Bank (GB) has reversed conventional banking practice by removing the need for collateral and created a banking system based on mutual trust, accountability, participation and creativity. GB provides credit to the poorest of the poor in rural Bangladesh, without any collateral. At GB, credit is a cost effective weapon to fight poverty and it serves as a catalyst in the over all development of socio-economic conditions of the poor who have been kept outside the banking orbit on the ground that they are poor and hence not bankable. Professor Muhammad Yunus, the founder of "Grameen Bank" and its Managing Director, reasoned that if financial resources can be made available to the poor people on terms and conditions that are appropriate and reasonable, "these millions of small people with their millions of small pursuits can add up to create the biggest development wonder." As of October, 2008, it has 7.61 million borrowers, 97 percent of whom are women. With 2,535 branches, GB provides services in 83,343 villages, covering more than 99 percent of the total villages in Bangladesh. Grameen Bank's positive impact on its poor and formerly poor borrowers has been documented in many independent studies carried out by external agencies including the World Bank, the International Food Research Policy Institute (IFPRI) and the Bangladesh Institute of Development Studies (BIDS). Professor Muhammad Yunus is the founder and Managing Director of Grameen Bank which currently operates 1,781 branches providing credit to 5.6 million poor people residing in 60,815 villages in Bangladesh. He originated the concept of Grameen Bank, i.e. banking without collateral for the poorest of the poor. Professor Muhammad Yunus studied economics in the Vanderbilt University, USA and received his Ph.D. in Economics in 1970. He taught economics in the Middle Tennessee University from 1969 to 1972. Returning to Bangladesh in 1972, he joined the University of Chittagong as Head of the Economics Department. He started the Grameen Bank Project in 1976. It was transformed into a formal bank in 1983. The Grameen Bank offers small loans for self employment for the rural poor, especially poor women. Following are among the many international awards Prof. Yunus has received : Ramon Magsaysay Award (1984) from Philippines; Aga Khan Award for Architecture (1989) from Switzerland; Mohamed Shabdeen Award for Science, Socio Economic (1993) from Sri Lanka; World Food Prize (1994) from U.S.A.; Simon Bolivar Prize (1996) from Venezuela; Man for Peace Award (1997) from Italy, Prince of Austurias Award for Concord (1998) from Spain; Ozaki(Gakudo) Award (1998) from Japan; Indira Gandhi Award (1998) from India; Sydney Peace Prize (1998) from Australia, Rotary Award for World Understanding (1999) from U.S.A., Golden Pegasus Award (1999) from Italy, Roma Award for Peace and Humanitarian Action (1999) from Italy, King Hussein Humanitarian Leadership Award (2000) from Jordan, International Cooperation Prize Caja de Granada (2001) from Spain, “NAVARRA” International Aid Award (2001) from Spain Within Bangladesh, he received the President's Award (1978); Central Bank Award (1985); and Independence Day Award (1987), the highest national award. He was the first chair of the Policy Advisory Group of CGAP (Consultative Group to Assist the Poorest). He has been appointed as an International Goodwill Ambassador for UNAIDS by the United Nations. He has been inducted as a member of the Legion d'Honneur by President Chirac of France. Muhammad Yunus has received honorary doctorate degrees from the following universities : University of East Anglia, U.K. (1992), Oberlin College, U.S.A. (1993), University of Toronto, Canada (1995), Haverford College, U.S.A. (1996), Warwick University, U.K.(1996), Saint Xaviers' University, U.S.A. (1997), University of the South, U.S.A. (1998), Katholieke Universiteit Leuven, Belgium (1998), Yale University, U.S.A. (1998). Brigham Young University, U.S.A. (1998), University of Sydney, Australia (1998), Queensland University of Technology, Brisbane, Australia (2000), University of Turin, Italy (2000), Colgate University, Hamilton, U.S.A. (2002), University Catholique of Louvain, Belgium (2003), Universitad Nacional De Cuyo, Argentina (2003), University of Natal, South Africa (2003), Bidhan Chandra Krishi Viswayvidyalaya, India (2004), Asian Institute of Technology, Thailand (2004), University of Florence, Italy (2004), University of Bologna, Italy (2004), University of Complutense, Spain (2004). Professor Muhammad Yunus serves in the boards of many national and international organisations. Besides Grameen Bank he has created a number of companies in Bangladesh to address diverse issues of poverty and development. Among the companies are : Grameen Phone (a mobile telephone company), Grameen Cybernet (Internet Service Provider), Grameen Communications (Rural Internet Service Provider), Grameen Software company, Grameen Information Technology Park, Grameen Fund (Social Venture Capital Company), Grameen Capital Management company, Grameen Textile company, Grameen Knitwear company, Grameen Renewable Energy company, Grameen Health company, Grameen Education company, Grameen Agriculture company, Grameen Fisheries and Livestock company, Grameen Business Promotion company. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Marta Fernandez
From Queens, NY CUNY -Queens College class of 1985 Member Since July 2008 |
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