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Study Of A Real Leader Essay

3520 words - 14 pages

Muhammad Yunus, born in June 28, 1940 is a Bangladeshi banker and economist. A former professor of economics, he is famous for his successful application of the concept of micro credit, the extension of small loans to entrepreneurs too poor to qualify for traditional bank loans. Yunus is also the founder of Grameen Bank. In 2006, Yunus and the bank were jointly awarded the Nobel Peace Prize, "for their efforts to create economic and social development from below". Yunus himself has received several other national and international honours. He is the author of Banker to the Poor and a founding board member of Grameen Foundation. In early 2007 Yunus showed interest in launching a political party in Bangladesh named Nagorik Shakti (Citizen Power), but later discarded the plan. He is one of the founding members of Global Elders.His father was Hazi Dula Mia Shoudagar, a jeweler, and his mother was Sofia Khatun. His early childhood years were spent in the village. In 1944, his family moved to the city of Chittagong, and he was shifted to Lamabazar Primary School. Later, he passed the matriculation examination from Chittagong Collegiate School securing the 16th position among 39,000 students in East Pakistan.In 1957, he enrolled in the department of economics at Dhaka University and completed his BA in 1960 and MA in 1961.Following his graduation, Yunus joined the Bureau of Economics as a research assistant. Later he was appointed as a lecturer in economics in Chittagong College in 1961. He was offered a Fulbright scholarship in 1965 to study in the United States. He obtained his Ph.D. in economics from Vanderbilt University in the United States through the graduate program in Economic Development in 1969. From 1969 to 1972, Yunus was an assistant professor of economics at Middle Tennessee State University in Murfreesboro, TN. (en.wikipedia.org)In 1976, during visits to the poorest households in the village of Jobra near Chittagong University, Yunus discovered that very small loans could make a disproportionate difference to a poor person. From his experience at Jobra Yunus realized that an institution is needed to be created to lend to those who had nothing. While, traditional banks were not interested in making tiny loans at reasonable interest rates to poor people, because of high repayment risks, Yunus believed that given the chance the poor will repay the borrowed money and hence micro credit could be a viable business model. Yunus finally succeeded in securing a loan from the government Janata Bank to lend it to the poor in Jobra in December 1976. By 1982, the bank had 28,000 members. On October 1, 1983, the pilot project began operations as a full-fledged bank and was renamed the Grameen Bank (Village Bank) to make loans to poor Bangladeshis. As of July 2007, Grameen Bank has issued US$ 6.38 billion to 7.4 million borrowers. Over time, the Grameen initiative has grown into a multi-faceted group of profitable and non-profit ventures, including...

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