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(Ahmad Mustafa Algar)
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February 16, 1446 AH
August 20, 2024 AD
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Can one person’s vision and hard work become a driving force for an entire society? How did his determination and dedication to serve the community provide a realistic solution for Anchal? Poor people Breaking out of the cycle of poverty? The story of Professor Muhammad Yunus provides clear and inspiring answers to these questions.
He challenged Muhammad Yunus, who was known as “Muhammad Yunus.” "Poor banker" He defied traditional molds, overcame social and economic barriers and by applying his groundbreaking ideas, successfully transformed the lives of millions of poor people, making his story one of the most inspirational success stories. With his return to lead the interim government Bangladesh After a period of protests against the Sheikh Hasina government, Yunus’ name has resurfaced and his journey is writing a new chapter in the spotlight.
The prospect of change
Muhammad Yunus was born in 1940 AD in a middle-class Muslim family in Chittagong, Bangladesh, where he grew up among 8 brothers. He studied diligently from beginning to end, and after graduating from Dhaka University in 1961, he received a Fulbright scholarship. In 1965 AD, he received a scholarship to study in the United States. His inspirational story began in 1971 AD. When he returned from studying in the United States and joined the Economics Department of Chittagong University as a teacher, Yunus felt tired of abstract teaching. Economic theory was far from reality, and the people of his country were suffering from hunger, so he began to visit villages to understand the situation. Poor people After understanding their real needs, he noticed that there were large tracts of arable land in poor areas that were not being used optimally, so he started to build a rural development project at the university where he worked, which enabled students to obtain a degree if they helped Poor people The locals began cultivating their land in a modern and advanced way and despite the success of the project, Younis felt he could not help Poor people Those who do not own agricultural land.
Although most of them are poor Bangladesh They are indeed economically active workers for agricultural land and businesses, but all their basic needs are not met, including education and health, so most of them remain low-income earners. Here, Yunus began to think about finding ways to enhance their capabilities. Poor people By humanizing and breaking the dependency on previously marginalized people Poor people In rural areas, they are excluded, so it is important for Yunus to give them access to investment capital.
The story of the poverty bank
In 1976 AD, Yunus came to Janata Bank, one of the largest government banks in Bangladesh, and proposed to grant small loans that were easy to pay to the poor, and although the officials initially refused, Yunus had to provide guarantees for these loans himself. Their total value reached $300, and the bank agreed to provide loans on the condition that Yunus would act as a mediator and provide the necessary documents for each case. Poor people Explain to them that this is their chance to escape poverty, that they must make better use of their money, and urge them to pool their savings and lend them to others, thereby expanding the benefits, saving $100 million by 1998. In this way, Yunus found that lending to women could create faster social change, given that women tend to focus on improving the well-being of their families. The bank has proven that social capital is the key to successfully empowering the poor. If economic development is based on human development, one of the signs of successful empowerment of poor women is their increased income and increased independence in the areas of food, health and education.
Yunus calls for the establishment of transnational social enterprises, either granting Poor people Yunus won the Nobel Peace Prize in 2006.
Despite his lack of experience in banking, Yunus founded Grameen Bank for the Poor and adopted new methods unknown in the Bangladeshi economic system, such as issuing small loans for a year with daily or weekly repayments without speculation. After the predicted experiment failed, the bank was able to grow rapidly and now has more than 2,500 branches and has lent billions of dollars to millions of people. Poor people The cure rate is 98%. Since Grameen Bank started implementing a microcredit system to help… Poor people In Bangladesh, the bank has seen a significant growth in its client base and has become a standard development tool used around the world to tackle poverty by supporting small businesses, especially since it prioritizes the poor who have no land or other assets, no stable income, and whose living conditions are very fragile.
Grameen Bank for the Poor has five main objectives; these include expanding banking facilities to cover the poorest members of society, eliminating exploitation by public and private sector bank lenders, creating self-employment opportunities, providing a simple organizational structure and business procedures that are easy for poor villagers to understand, and supporting low-income groups in their pursuit of a cycle "Low income, then credit, then investment, then earn more income"Through built-in monitoring and evaluation mechanisms, the Bank collects a wealth of socio-economic data on the poor, enabling it not only to assess the impact of its operations but also to foresee difficulties and come up with new ideas to address poverty. This is an integral part of the participatory and mutual accountability process that ensures disbursement as an alternative to in-kind guarantees.
Award Presenter
Yunus calls for the establishment of transnational social enterprises, either granting Poor people Yunus won the Nobel Peace Prize in 2006 for his pioneering use of microcredit to help… Poor people The Nobel Peace Prize Committee praised Yunus and Grameen Bank for lifting them out of poverty, especially poor women. "Recognized for their efforts to create economic and social development from the bottom up"Yunus is the first Bangladeshi to win the Nobel Prize, and upon learning of the news of winning this important award, he announced that he would use part of its financial value to establish a company to provide low-cost food to the poor, while the rest of the money would be used to build an eye hospital for the poor in Bangladesh.
Yunus is one of seven people to have been awarded the Nobel Peace Prize, the Presidential Medal of Freedom, and the Congressional Gold Medal, and other notable awards he has received include: In addition, he has received 50 honorary doctorates from universities in 20 countries, and 113 international awards from 26 different countries, including medals of honor from 10 countries.
Political Conflict
Yunus’ success has neither helped him nor protected him from political conflict, especially when he announced his intention to form a new political party. He has had a rocky relationship with Prime Minister Sheikh Hasina since she came to power in 2008, with tensions peaking in 2011 following an investigation into his activities, when authorities reviewed the operations of Grameen Bank, leading to Yunus’s dismissal. As founding managing director, he was accused of violating pension regulations, and although he eventually resigned, he expressed his political ambitions, but his criticism of politicians’ greed and corruption did not go over well with the government, and the last general elections were held in 2017. In 2014 and 2018, he was hit with allegations of massive vote rigging and intimidation of opposition activists, charges that the Hasina government denied, but her party won electoral victories, but she remained in power.
However, human rights groups accused the longest-serving prime minister of… Bangladesh Since coming to power 14 years ago, the government has used law enforcement and the judiciary to silence dissenting voices. In January 2024, the situation escalated when Yunus was sentenced to six months in prison for violating labor laws, sparking widespread condemnation from human rights advocates and international observers who claimed the charges were aimed at silencing one of the most prominent critics of Sheikh Hasina’s 15 years in power.
However, recent large-scale protests by students Bangladesh This led to the selection of Muhammad Yunus as the leader of an interim government, who will serve as interim prime minister until new elections are held, but it is unclear what role he will play after the president dissolves parliament to pave the way for elections, especially given the ongoing political crisis, with the army in control of the situation. The country’s military leadership will certainly play an important role in overseeing the formation of this interim government, even if it is not the official leader.
Challenges and hopes
After being considered one of the poorest countries in the world, Bangladesh’s economy has grown at an average annual rate of over 6% since 2009 AD and surpassed India’s per capita income in 2021 AD, but the country’s economy is plagued by debt and insufficient foreign exchange reserves, which has seen a positive turnaround with most garment factories opening up and workers returning to work, despite Yunus’s coming to power, but with foreign exchange reserves and the country’s currency. Yunus’ interim government remains under pressure and will face many challenges; most notably, addressing the unemployment dilemma has been a major driver of recent widespread protests, as the system of allocating 30% of government jobs to veterans of the 1971 War of Independence and their relatives is a point of contention as protesters demand that it be abolished and replaced with a system based on merit and efficiency.
Before Yunus can address the economic situation, he must first impose law and order across Bangladesh, in addition to working to reduce violence and ensure order. Although the interim government has begun releasing those arrested during the demonstrations and some political prisoners, many … Major challenges will continue to overshadow protesters who are demanding a credible investigation into the tragic events of recent weeks and a trial for Sheikh Hasina and her allies who have fled to India. . Bangladesh It faces an uncertain future until elections are held or an interim government restores stability to the country.
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