Dr Mohammad Unus

Dr. Muhammad Yunus: Full Details

Name: Muhammad Yunus
Born: June 28, 1940
Birthplace: Chattogram (Chittagong), Bangladesh
Profession: Economist, Banker, Social Entrepreneur, Nobel Peace Prize Laureate

Early Life and Education

Dr. Muhammad Yunus was born into a Bengali Muslim family in what was then British India (now Bangladesh).
He attended Chittagong Collegiate School and later Dhaka University, where he earned a degree in economics.
In 1965, Yunus was awarded a Fulbright scholarship to study in the United States. He completed his PhD in Economics at Vanderbilt University in 1971.

Career Highlights

Teaching Career:
- Yunus began his professional journey as an economics professor at Middle Tennessee State University in the U.S. and later at Chittagong University in Bangladesh.
Pioneering Microfinance:
- While teaching in Chittagong in the 1970s, Yunus became deeply troubled by the poverty surrounding him.
- He conceived the idea of microcredit—small loans given to impoverished individuals without collateral to help them engage in self-employment and improve their livelihoods.
- In 1976, he lent $27 to 42 women in a village near Chittagong, enabling them to buy materials for their businesses. This experiment was a success, inspiring the creation of the Grameen Bank.
Grameen Bank (1976):
- Founded officially in 1983, Grameen Bank revolutionized traditional banking by offering microloans to poor, rural, and often unbanked communities, with a strong focus on empowering women.
- As of 2024, the bank has helped millions escape poverty and has served as a model for microfinance institutions globally.

Awards and Recognitions

Nobel Peace Prize (2006):
- Dr. Yunus and the Grameen Bank jointly received the Nobel Peace Prize for their efforts to create economic and social development from below.
Other Prestigious Awards:
- Presidential Medal of Freedom (USA, 2009)
- Congressional Gold Medal (USA, 2013)
- World Food Prize (1994)
- King Hussein Humanitarian Leadership Prize
Global Influence:
- Dr. Yunus is often called the "Banker to the Poor" for his transformative contributions to poverty alleviation.
- He is widely regarded as the father of both social business and microfinance.

Major Publications

Banker to the Poor: Micro-Lending and the Battle Against World Poverty
Creating a World Without Poverty: Social Business and the Future of Capitalism
A World of Three Zeros: The New Economics of Zero Poverty, Zero Unemployment, and Zero Net Carbon Emissions

Key Concepts

Microcredit:
- Providing small, collateral-free loans to individuals excluded from the traditional banking system.
Social Business:
- Businesses designed to solve social problems in a self-sustaining manner, rather than maximizing profits.

Criticism and Controversy

Bangladeshi Government Disputes:
- Dr. Yunus faced challenges in Bangladesh, including a dispute with the government that led to his removal as Managing Director of Grameen Bank in 2011.
Microfinance Criticism:
- Some critics argue that microfinance can lead to over-indebtedness for borrowers, though Yunus defends its positive impacts.

Legacy

Dr. Muhammad Yunus remains an iconic figure in the fight against poverty. His innovations in microfinance and social business have inspired global movements and improved millions of lives. Despite challenges, his ideas continue to shape development policies worldwide.