Dr. Muhammad Yunus
Dr. Muhammad Yunus
Dr. Muhammad Yunus is a world-renowned Bangladeshi economist, social entrepreneur, and Nobel Peace Prize laureate. He is known as the pioneer of the microcredit concept, which has helped the world's impoverished populations become self-reliant.
Birth and Education
Muhammad Yunus was born on June 28, 1940, in the village of Bathua, Hathazari Upazila, Chattogram. His father was a jeweler, and his mother was Sufia Khatun. He earned his Bachelor's and Master's degrees in Economics from Dhaka University. Later, he received a Ph.D. in Economics from Vanderbilt University in the United States on a Fulbright Scholarship.
Career and the Concept of Microcredit
After completing his education, Dr. Yunus joined the Economics Department at Chattogram University as a teacher. During the 1974 famine, he deeply realized the devastating extent of rural poverty in Bangladesh. At that time, he observed that extremely poor people, especially women, could not start any work due to a lack of even minimal capital. Conventional banks were unwilling to provide collateral-free loans to the poor.
To solve this problem, in 1976, he started an experimental project in the village of Jobra, Chattogram. He lent $27 (to just 42 women) from his own pocket for making bamboo furniture. This small loan successfully brought about positive changes in their lives. Based on this success, he realized that microcredit could bring economic freedom to the poor.
Establishment of Grameen Bank
Dr. Yunus's microcredit concept gradually gained popularity. In 1983, he formally established Grameen Bank. Grameen Bank provides collateral-free microcredit to the impoverished population, especially women. This bank plays a crucial role in fostering a habit of saving among the poor and ensuring their economic empowerment. The successful model of Grameen Bank spread globally, leading to the launch of microcredit programs in many countries.
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Nobel Peace Prize and Other Honors
In 2006, Dr. Muhammad Yunus and Grameen Bank jointly received the Nobel Peace Prize. This award was given in recognition of their contributions to poverty alleviation. He was the first Bangladeshi to receive this honor.
In addition to the Nobel Prize, Dr. Yunus has been honored with numerous national and international awards and accolades. Notable among them are:
Presidential Medal of Freedom (United States, 2009)
Congressional Gold Medal (United States, 2010)
He is one of only seven individuals in the world to have received all three of these honors: the Nobel Peace Prize, the Presidential Medal of Freedom, and the Congressional Gold Medal. He has also received honorary doctorate degrees from various universities and many international awards.
Social Business and Other Contributions
Dr. Yunus has not only worked on microcredit but has also introduced the concept of Social Business. A social business is an initiative that aims to solve a social problem rather than primarily generate profit, but it is financially sustainable. He believes that global problems like poverty, unemployment, and environmental pollution can be solved through social business.
Most recently, since August 8, 2024, he has been serving as the Chief Advisor of the interim government of Bangladesh.
Dr. Muhammad Yunus is a visionary and a practical thinker. His work has transformed the lives of millions worldwide and opened a new horizon in poverty alleviation.
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