If you havent heard of Muhammad Yunus, I’d recommend giving consideration to reading one of his books. Banker To The Poor and Creating a World Without Poverty: Social Business… are both excellent reads. The concepts make perfect sense but unfortunately the reality of life is that capitalism is rough on the poor in developing countries. I’m hopeful microfinance continues to grab hold in those developing countries and its metamorphosis allows it to eventually help the poor in more developed countries like our own.
Yunus won the Nobel Peace Prize in 2006 and has won numerous international awards for his efforts. He founded Grameen Bank in 1983 with the goal of providing very small loans to poor people and teaching them a few financial principles in an effort to bring them up out of poverty. Some statistics show that he and Grameen Bank have loaned to more than 8 million borrowers, helping many on their journey.
Just recently, Yunus was removed from his position with Grameen Bank by the Bank of Bangladesh. It is believed that this is very much a political move as Bangladesh tries to bring Grameen Bank under more restrictive control. I implore you to read more about Grameen Bank and what’s going on. The Friends of Grameen website is a good place to start. And if you’re so inclined, add a Like to the SupportYunus page on Facebook.
- “MICROCAPITAL BRIEF: Dr Muhammad Yunus Appeals Bangladesh High Court Decision Upholding His Removal as Managing Director of Microfinance Institution (MFI) Grameen Bank” and related posts (microcapital.org)
- Yunus Open to ‘Give And Take’ to Resolve Grameen Bank Succession (businessweek.com)
- Microcredit pioneer in Grameen Bank survival battle [Zahir shamsery] (ecademy.com)
- Top court to resume Yunus appeal (bbc.co.uk)
- Yunus Open to ‘Give And Take’ to Resolve Grameen Succession (businessweek.com)