Banker to the Poor captivates world

Professor Muhammad Yunus began his Grameen Bank Project in Jobra, a village near Chittagong University, his then workstation, in the port city in 1976 in an effort to reverse conventional banking practice and take financial services to the deprived.
His first project was lending his own money to the destitute basket-weavers. The idea devised following a visit to the village in 1974 where he found a group of women who were heavily dependent on local loan sharks for a tiny amount of money — so tiny that the developed world would laugh at — at 10 percent interest rates per week.
This struck him at his heart, paving the way for creating one of the most-talked-about modern economic theories, microcredit.
In October 1983, the government promulgated the Grameen Bank Ordinance to transform the project into an independent bank and help it become the world’s first microfinance lender.
Third of his parents’ 13 children, Yunus was born to a well-to-do family in Chittagong in 1940. His father was a successful goldsmith, but his biggest influence was his mother, Sofia Khatun, who always helped any poor person who knocked on the doors.
Today, Grameen has 2,564 branches with 19,800 staffs serving 82.9 lakh borrowers in 81,367 villages.
On any working day Grameen collects an average of $15 lakh in weekly instalments. Of the borrowers, 97 percent are women and over 97 percent of the loans are paid back, a recovery rate higher than any other banking system.
Known as the “banker to the poor”, Yunus earned global fame in 2006 when he and the Grameen Bank that he founded were jointly awarded the Nobel Peace Prize for their efforts to create economic and social development from below.
Yunus started his professional career as a lecturer of economics at Chittagong College in 1962. From 1969 to 1972, he was an assistant professor of economics at MTSU, Tennessee, USA.
In 1972, he joined the Planning Commission. He also joined Chittagong University as the head of the Department of Economics the same year.
A Fulbright Fellow, Yunus became a professor of the university’s Rural Economics Programme in 1975, the year when the idea to change economic life of the poor through tiny loan struck him.
When the government gave legal shape to Grameen Bank, he became its managing director, a duty he has since continued.
Yunus also worked for the caretaker government in 1996, helping hold one of the less controversial elections in the country’s history.
He released his autobiography “Banker to the Poor: Microlending and the Battle Against World Poverty” in 2007 and previously sat on the global “Elders” committee of international leaders set up by Nelson Mandela.
Grameen methods are applied in projects in 58 countries, including the US, Canada, France, the Netherlands and Norway.

 

Courtesy of The Daily Star

Related News

BMD predicts rain in Ctg, Sylhet today

News Desk : dhakamirror.com Amid the scorching heatwave, Bangladesh Meteorological Department (BMD) predicted rain in Chattogram and Sylhet today. “Rain or thundershower accompanied by temporary gusty wind may occur at one or two places in Chattogram and Sylhet divisions in the next 24 hours starting 6:00pm on Monday,” said BMD. The weather may remain mainly ... Read more

Primary section in secondary schools to close too

New Desk : dhakamirror.com The government today decided to close the primary section attached with the secondary schools till June 8 due to the ongoing heatwave. The government also instructed the authorities to suspend the assembly session at all schools. Additionally, the Directorate of Secondary and Higher education (DSHE) instructed all the educational institutions not ... Read more

Hero Alom picks up nomination papers for Dhaka-17 by election

News Desk : dhakamirror.com Ashraful Hossain Alam, known as Hero Alam, will contest the by-election to the Dhaka-17 constituency, scheduled for 17 July, which fell vacant following the death of actor Akbar Hossain Pathan Farooque. He collected the nomination paper from the Election Commission (EC) office in Dhaka on Sunday (4 June). Hero Alom said ... Read more

Mob beats, stabs youth over Facebook post, 10 cops injured

News Desk : dhakamirror.com A shopkeeper was beaten and stabbed by a mob in front of Police Staff College in the capital’s Mirpur-13 yesterday for allegedly hurting religious sentiments. A team of Kafrul Police Station rescued and sent him to Dhaka Medical College Hospital around 9:45pm, said Saddam Hossain, sub-inspector of the police station. “Someone ... Read more

Government primary schools will remain closed from tomorrow until June 8 due to heatwave

News Desk : dhakamirror.com Due to the severe heatwave in the country, the government has decided to keep all public primary schools closed from June 5th to 8th. The decision was taken considering the health safety of the children going to the schools, the Ministry of Primary and Mass Education said in a press release ... Read more

Community clinics will offer hypertension and diabetic drugs

News Desk : dhakamirror.com Drugs for hypertension and diabetes will now be available in community clinics across the country as part of the government’s plan to ensure primary health care in rural areas. The drug list update committee for community clinics has taken the decision in a meeting on May 14, 2023, according to a ... Read more

Odisha train accident: Identities of 2 injured Bangladeshis confirmed

News Desk : dhakamirror.com Two Bangladeshi citizens from Rajshahi and Bogura are among the injured in India’s one of the worst rail disasters in Odisha last night. Of the injured, Russel-uz Zaman, 27, from Rajshahi was a passenger of Chennai-bound Coramandel Express from Shalimar near Kolkata, a senior official of Bangladesh Deputy High Commission in ... Read more

NHRC, World Vision team up to stop violence against children

News Desk : dhakamirror.com World Vision, an international development agency dedicated to child welfare, and the National Human Rights Commission (NHRC) have signed a memorandum of understanding to end all forms of violence against children and build a country free of child marriage. A MoU signing ceremony was held on 1 June with National Human ... Read more

Shyamoli building fire kills one

News Desk : dhakamirror.com A commercial building in the capital Shyamoli caught fire last night, killing one person. The identity of the approximately 45-year-old deceased could not be immediately confirmed. His body was recovered from the 17th floor of the 20-story Rupayan Shelford building, said Abdul Mannan, senior station officer of Mohammadpur Fire Station. The ... Read more

Metro to run from 8:00am to 8:00pm

News Desk : dhakamirror.com From now on the metro rail will run from 8:00am to 8:00pm six days a week. Mahfuz Rahman, manager of Dhaka Mass Transit Company Limited (DMTCL), confirmed to The Daily Star that the metro rail started following the new schedule from yesterday morning. As per the new schedule, weekly closure of ... Read more

Biman fires captain for negligence

News Desk : dhakamirror.com Biman has fired Capt Dildar Ahmed Tufail for negligence in duty while captaining a flight on January 15. He was reportedly napping in the crew rest area, leaving the cockpit of the Boeing 777-300ER technically unmanned. A passenger had a heart attack during the overnight flight to Dhaka from Jeddah. Capt ... Read more

Noab demands withdrawal of tax, duties on newsprint

News Desk : dhakamirror.com The Newspaper Owners Association of Bangladesh has demanded the withdrawal of taxes and duties on newsprint in the budget for the fiscal year 2023-24. In a press release yesterday, Noab said it made the demands during a pre-budget discussion with the National Board of Revenue. The release mentioned that NBR Chairman ... Read more

E-toll to be compulsory on 9 bridges, 2 highways from November

News Desk : dhakamirror.com The government has made Electronic Toll Collection (ETC) System compulsory at nine bridges and two highways from November. The Roads and Highways Department (RHD) issued a circular in this regard. According to the circular, the government has already installed automatic toll machines at those bridges and highways. The nine bridges are ... Read more

Boeing offers Biman its latest 787-10 Dreamliner

News Desk : dhakamirror.com After Airbus, the American manufacturer Boeing has now offered its latest model aircraft, 787-10 Dreamliner, to the Biman Bangladesh Airlines. The company sent a letter in this regard to Biman’s chairman recently which will be discussed in the board meeting on Tuesday, said Shafiul Azim, managing director of Biman. “As we ... Read more

Fishing, tourism banned in Sundarbans for 3 months

News Desk : dhakamirror.com To ensure safe breeding and movement of fish and wild animals the Forest Department will enforce a three-month ban on fishing and tourism in the Sundarbans that set to be effective from 1 June to 31 August. During this period, the movement of all types of vessels, including boats and fishing ... Read more

Biman to operate special flights from Dhaka for RU admission seekers

News Desk : dhakamirror.com Biman Bangladesh Airlines will operate three special flights on the Dhaka-Rajshahi route from May 29 to May 31 to facilitate journeys of Rajshahi University admission seekers. The RU admission tests will take in four shifts starting from 9:00am and ending at 4:30pm on May 29, 30 and 31. The flights will ... Read more

First hajj flight with 419 pilgrims leaves Dhaka on Sunday

News Desk : dhakamirror.com The first hajj flight, carrying 419 pilgrims, is scheduled to leave Hazrat Shahjalal International Airport for Saudi Arabia at around 3.20am on Sunday (May 21). “A Biman Bangladesh Airlines will operate the first hajj flight from Hazrat Shahjalal International Airport to Jeddah on Sunday at 3.20am,” Biman’s spokesperson Tahera Khondoker told ... Read more

7 Bangladeshis make Forbes 30 under 30 Asia 2023 list

News Desk : dhakamirror.com Seven Bangladeshis have made the list of ‘Forbes 30 Under 30′ Asia Class of 2023. The famous business journal, Forbes, first launched the ’30 under 30’ list in 2011, listing the thirty movers and shakers under the age of thirty. From 2016 to 2022, a total of 25 Bangladeshis were named ... Read more

Economic life of buses fixed at 20yrs, goods vehicles at 25yrs

News Desk : dhakamirror.com The government fixed the economic life of buses and minibuses at 20 years and that for goods-laden vehicles, including trucks and covered vans, at 25 years. In this regard, the Roads and Highways Division on Wednesday issued a circular which would be effective following a gazette notification. In 2010, the Bangladesh ... Read more

Fire hydrants will be installed in all DNCC markets, slums: mayor

News Desk : dhakamirror.com Mayor Atiqul Islam said fire hydrants will be installed in every slum and market under the jurisdiction of Dhaka North City Corporation (DNCC) to deal with fire incidents. He made the announcement while inaugurating a fire hydrant in Sattala slum of Mahakhali in the capital on Thursday (18 May). He stressed ... Read more