Muhammad Yunus Biography

Muhammad Yunus

Muhammad Yunus

Full name: Muhammad Yunus
Born: June 28, 1940
Birthplace: Chittagong, Bangladesh
Education: University of Dhaka
Nationality: Bangladeshi
Occupation: Professor, Banker, Economist
Spouse (s): Vera Forostenko, Afrozi Yunus
Children: 2
Field: Microcredit theory
Contributions: Grameen Bank
Awards: Nobel Peace Prize (2006)

Muhammad Yunus is a Bangladeshi banker, professor, economist and Nobel Peace Prize recipient. When he was a professor of the University of Chittagong he developed the concept of microcredit and microfinance. These loans are given especially to the poor women for their self-development. He won Nobel Peace Prize as an only one Bangladeshi in 2006 for his microcredit concept.

Early Life:

Yunus was born on 28 June 1940 in Hathazari, Chittagong, to Hazi Dula Mia Shoudagar, a jeweler, and his mother was Sufia Khatun. He came from a well-known Muslim family of the village of Bathua, by the Boxirhat Road, Chittagong. His family moved to Chittagong, in 1944 and he attended to Lamabazar Primary School from his village school. He passed the matriculation examination from Chittagong Collegiate School securing the 16th position among 39,000 students in East Pakistan. Yunus was studying at Chittagong College and in 1957 he enrolled in the department of economics at Dhaka University. He completed BA in 1960 and MA in 1961. He received a Ph.D. degree in economics from Vanderbilt University in the United States where he was a Fulbright scholarship student.

Early Career:

He started his career as a lecturer in economics in Chittagong College in 1961 and Yunus was an assistant professor of economics at Middle Tennessee State University in Murfreesboro, from 1969 to 1972. Yunus founded a citizen’s committee to raise support for liberation During the Bangladesh Liberation War in 1971. Later he joined Chittagong University as head of the Economics department.

Formation Grameen Bank:

Yunus discovered, during visits in the village of Jobra near Chittagong University, in 1976 that a very small loan could make changed the life of the poor person. Jobra women who made bamboo furniture were highly suffered from high rate loans and their profits would go to the moneylenders. He made his first loans with $27.00 from his own pocket, was made to 42 women in the Jobra village, who made a net profit of BDT 0.50 (US$0.02) each on the loan.

In December 1976, finally government Janata Bank approved him loans to lend it to the poor in Jobra village. On 1 October 1983 was renamed the Grameen Bank (Village Bank) and the pilot project began operations as a full-fledged bank to make loans to poor Bangladeshis.

Awards:
Nobel Peace Prize (2006)
Independence Day Award (1987)
World Food Prize (1994)
Franklin D. Roosevelt Freedom Award (2006)

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