MUHAMMAD YUNUS

INTRODUCTION• Muhammad Yunus is a Bangladeshi social entrepreneur, banker, economist and

civil society leader who was awarded the Nobel Peace Prize for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance. In 2006, Yunus and the Grameen Bank were jointly awarded the Nobel Peace Prize "for their efforts through microcredit to create economic and social development from below".

INTRODUCTION• The Norwegian Nobel Committee noted that "lasting peace cannot

be achieved unless large population groups find ways in which to break out of poverty" and that "across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development".

HISTORY• 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.

IMPACT• Against the advice of banks and government, Yunus carried on giving out ‘micro-

loans’, and in 1983 formed the Grameen Bank, meaning ‘village bank’ founded on principles of trust and solidarity. In Bangladesh today, Grameen has 2,564 branches, with 19,800 staff serving 8.29 million borrowers in 81,367 villages. On any working day Grameen collects an average of $1.5 million in weekly installments. Of the borrowers, 97% are women and over 97% of the loans are paid back, a recovery rate higher than any other banking system. Grameen methods are applied in projects in 58 countries, including the US, Canada, France, The Netherlands and Norway.

SOURCES AND THE TEAM• https://en.wikipedia.org/wiki/Muhammad_Yunus#Recognition• http://www.grameen-info.org/grameen-founder-muhammad-yunus/• http://

www.nobelprize.org/nobel_prizes/peace/laureates/2006/yunus-photo.html• http://izquotes.com/quote/280202• http://www.zimbio.com/photos/Barack+Obama/Muhammad+Yunus

• The Team: SGT Tristan Lim• CPL Joshua Dui CPL Caleb Chong