“It is the opportunity or lack of it that shapes a
man’s future.”
-Dr. Muhammad Yunus
Nobel peace prize laureate professor Dr. Muhammad
Yunus is the founder of microcredit and social business. His groundbreaking
work in introducing collateral free loans for the poor in Bangladesh was
formalized into a specialized bank for poor in 1983 called Grameen Bank (Rural Bank) fueled by the belief the credit is a
fundamental human right. His objective was to help poor people escape from
poverty by providing loans on terms suitable to them and by teaching them a few
sound financial principles so they could help themselves.
In 2006,Yunus and Grameen Bank received the Nobel Peace Prize.
Grameen Bank:
Headquartered in Washington, DC, Grameen Foundation was founded in 1997 by friends of Grameen Bank to help microfinance practitioners spread the Grameen philosophy worldwide. Though we share the ideas of 2006 Nobel Peace Laureate Professor Muhammad Yunus – a founding director, and a current director emeritus – Grameen Foundation and Grameen Bank are independent organizations and have no financial or institutional links.
Differences between Conventional Banks and Grameen Bank:
From Dr. Yunus' personal loan of small amounts of
money to destitute basket weavers in Bangladesh in the mid 70's, the Grameen
Bank has advanced to the forefront of a burgeoning world movement toward
eradicating poverty through micro lending. Replica of the Grameen Bank model is
being operated in more than 100 countries worldwide. Today, Grameen Bank itself
lends to more than 8.4 million people in virtually every village in Bangladesh.
Social Business and Yunus:
Other than the work in the field of micro finance, professor
Yunus is also known as the father of social business in idea which has gone
from being theory to an inspiring practical.
A social business is a business where we don't want
to make money.All costs are covered through the operations so that the business
is self-sustaining. The person who runs a social business is definitely a
social entrepreneur, because he is trying to make a difference. But he is a
unique kind among them. His sole intention is for the business to solve the
problem, not make money from it.
Dr. Yunus already has
experimented his beautiful and innovative ideas to serve poor and beggar also.
More than fifty five thousands beggars have been transforming their life
through social business, they there owning their business and severing as a
entrepreneur, so that ideas can change the life and career of the people.
Dr. Yunus will continue to inspire millions of others for many generations.
Good blog.. I was specifically looking for Management Model that evolves out of Younus way of managing organisations.. Being POM faculty my interest was to awaken my students about such innovative models of organisaiton and management which can transform social issues. My focus is not on so much of WHAT he has done,, rather than HOW he has done ! good work..
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