Wednesday, May 12, 2010

Professor Muhammad Yunus - BIOGRAPHY

Professor Muhammad Yunus

The Grameen Bank is a microfinance organization and community development bank started in Bangladesh

that makes small loans known as microcredit or 'grameencredit'.

Professor Muhammad Yunus, the bank's founder, earned a doctorate in economics from Vanderbilt

University in the US. The origin of Grameen Bank can be traced back to 1976 when Yunus, a Fulbright

scholar and Professor at University of Chittagong, launched a research project to examine the possibility

of designing a credit delivery system to provide banking services targeted to the rural poor.

Yunus was inspired during the terrible Bangladesh famine of 1974 to make a small loan of $27 to a group of

42 families so that they could create small items for sale without the burdens of predatory lending.

Grameen Bank is best known for its system of solidarity lending. The Bank also incorporates a set of values

embodied in Bangladesh by the Sixteen Decisions. As a result of the Sixteen Decisions, Grameen

borrowers have been encouraged to adopt positive social habits. One such habit includes educating children

by sending them to school.

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