Meet Muhammad Yunus, Nobel Laureate And The 'Banker To The Poor' Set To Guide Bangladesh Through Turmoil

Nobel laureate Muhammad Yunus, renowned for founding the Grameen Bank in Bangladesh in 1983, is set to play a pivotal role in the nation’s interim government. Known as a trailblazer in microcredit, Yunus is tasked with guiding Bangladesh through its current turmoil.

Yunus will serve as chief adviser to the interim government, confirmed his spokesperson. “Yunus has agreed to take on this crucial role at the students' request,” the spokesperson told Reuters, adding that Yunus will return to Bangladesh immediately after a minor medical procedure in Paris.

Key coordinator Nahid Islam emphasized Yunus’s commitment to this responsibility, as reported by the Daily Star. Yunus’s return to prominence follows his 2011 removal from Grameen Bank by Prime Minister Sheikh Hasina’s government due to Yunus’s exceeding the official retirement age of 60. This move sparked public protests, with thousands forming human chains in his support.

Yunus also faced controversy over alleged embezzlement and money laundering charges related to Grameen Telecom’s workers' welfare fund, which complicated his reputation.

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A Glimpse into Yunus’s Journey

Muhammad Yunus, born in 1940 in Chittagong, Bangladesh, began his academic journey at Dhaka University. He pursued economics at Vanderbilt University under a Fulbright scholarship, earning his Ph.D. in 1969. After teaching economics in the U.S., Yunus returned to Bangladesh to head the economics department at Chittagong University.

Yunus’s vision of credit as a fundamental human right led to the establishment of Grameen Bank, which has inspired similar microcredit models in over 100 countries.

Yunus vs. Sheikh Hasina

Yunus, a vocal critic of Prime Minister Sheikh Hasina, briefly entered politics in 2007, attempting to form his own party—a move that antagonized Hasina, who criticized Yunus for allegedly exploiting the poor. Yunus has referred to recent political shifts as a “second liberation day” for Bangladesh.

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Muhammad Yunus: The Scholar and Award-Winner

Yunus’s academic and humanitarian contributions extend beyond his banking achievements. He has held influential positions with various international bodies, including the UN’s Advisory Council for Sustainable Economic Development. His accolades include the Nobel Peace Prize (2006), the World Food Prize (1994), and numerous other international awards for his contributions to social and economic development.

Muhammad Yunus’s storied career reflects his deep commitment to economic empowerment and social progress, marking him as a pivotal figure in Bangladesh’s ongoing journey toward stability and prosperity.