In October 2006, Muhammad Yunusas awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for their efforts to create economic and social development. The Norwegian Nobel Committee stated "Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries. Loans to poor people without any financial security had appeared to be an impossible idea. From modest beginnings three decades ago, Yunus has, first and foremost through Grameen Bank, developed micro-credit into an ever more important instrument in the struggle against poverty." Muhammad Yunus became the first Bangladeshi and third Bengali to ever receive a Nobel Prize.
When he approached traditional banks to lend to the poor, he found that they were not interested as the poor were not considered creditworthy. Yunus strongly believed that given the chance the poor will repay the borrowed money, and that it would help the poor work their way out of poverty. After many efforts, Yunus finally succeeded in securing a credit line, offering himself as the guarantor, for his project from Janata Bank to lend it to the poor in Jobra in December 1976. On October 2, 1983, the project was converted into a full-fledged bank named as Grameen Bank (Village Bank), specialised in making small loans to the poor.
The Grameen Bank (in Bengali, Grameen means rural) which Dr. Yunus has built over the last 22 years, is today the largest rural bank in Bangladesh. It has over 2 million borrowers and works in 35000 villages in a country of 68000 villages. 94 % of its borrowers are women. The bank is based on simple, sensible rules, meticulous organization, imagination and peer pressure among borrowers. The break that Grameen Bank offers is a collateral-free loan, sometimes equivalent to just a few U.S. dollars and rarely more than $100. In rural areas, it makes things happen. 98% of its loans are honored. Thus he has turned into reality a philosophy that the poorest of the poor are the most deserving in the land and that given the opportunity they can lift themselves out of the mire of poverty. His ideas combine capitalism with social responsibility.
Micro-credit concept is now being practiced in 58 countries. In the US, it is a success even with the Shifting poor of Chicago's toughest districts. The United States alone has over 500 Grameen spin-offs. Bill Clinton has said in his election campaign that Yunus deserved a Nobel Peace Prize and cited the Experiment of Dr. Yunus as a model for rebuilding the inner cities of America. Pilot projects are starting in Britain. The methods are adapted to suit local conditions, but the principle of empowering individuals with their own capital is the same.
Dr. Muhammad Yunus was born to a well-to-do family in Chittagong, a business center in Bangladesh, in 1940. His father was a successful goldsmith who always encouraged his sons to seek higher education. But his biggest influence was his mother, Sofia Khatun, who always helped any poor that knocked on their door. This inspired him to commit himself to eradication of poverty.
He received a Ph.D. in economics from Vanderbilt University in 1970 and taught at Middle Tennessee University from 1969 to 1972. After returning to Bangladesh, he joined the University of Chittagong as head of the Economics Department.He also holds honorary doctorate degrees from dozens of universities around the world.
Yunus has won dozens of international awards, including the Simon Bolivar Prize, the Indira Gandhi Peace Prize, the Seoul Peace Prize and the Freedom Award of the International Rescue Committee. He has also been appointed as an International Goodwill Ambassador for UNAIDS by the United Nations and inducted as a member of France's Legion d'Honneur.
Dr. Yunus lives in an apartment at Grameen Banks headquarter in Dhaka, Bangladesh and he is is married to Dr. Afrozi Yunus and has two daughter, Monica and Deena.
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