Who was Muhammad Yunus and what did he do?
See Article History. Muhammad Yunus, (born June 28, 1940, Chittagong, East Bengal [now Bangladesh]), Bangladeshi economist and founder of the Grameen Bank, an institution that provides microcredit (small loans to poor people possessing no collateral) to help its clients establish creditworthiness and financial self-sufficiency.
Where did Muhammad Yunus study at Vanderbilt University?
Replicas of the Grameen Bank model operate in more than 100 countries worldwide. Born in 1940 in the seaport city of Chittagong, Professor Yunus studied at Dhaka University in Bangladesh, then received a Fulbright scholarship to study economics at Vanderbilt University.
When did Muhammad Yunus start his bank in Jobra?
In December 1976, Yunus finally secured a loan from the government Janata Bank to lend to the poor in Jobra. The institution continued to operate, securing loans from other banks for its projects. By 1982, it had 28,000 members.
Why did Muhammad Yunus create the Grameen Bank?
…was institutionalized in 1976 by Muhammad Yunus, an American-educated Bangladeshi economist who had observed that a significant percentage of the world’s population has been barred from acquiring the capital necessary to rise out of poverty. Yunus set out to solve this problem through the creation of the Grameen Bank in…
When did Muhammad Yunus graduate from Dhaka University?
In 1957, he enrolled in the Department of Economics at Dhaka University and completed his BA in 1960 and MA in 1961. After his graduation, Yunus joined the Bureau of Economics as a research assistant to the economics researches of Professor Nurul Islam and Rehman Sobhan. Later, he was appointed lecturer in economics in Chittagong College in 1961.
Why was Muhammad Yunus removed from Grameen Bank?
The trial of Muhammad Yunus is the series of trials launched by Prime Minister Sheikh Hasina of Bangladesh against Muhammad Yunus. The former put the latter on trial in 2010 and ultimately removed him from Grameen Bank, citing that too old to run the Bank which he founded in 1983.
When did Muhammad Yunus get caught in Micro Debt?
In 2010 Yunus and the Grameen Bank came under scrutiny after the release of the documentary film Caught in Micro Debt. In addition to being critical of microloans, the film alleged that Yunus and the bank had misappropriated funds donated by Norway.