Muhammad Yunus Article
>From Wikipedia
5th Chief Adviser of Bangladesh
Assumed office 8 August 2024
President Mohammed Shahabuddin
Preceded by Sheikh Hasina
(as Prime Minister)
Adviser of the Caretaker Government
In office
30 March 1996 – 23 June 1996
President Abdur Rahman Biswas
Chief Adviser Muhammad Habibur Rahman
Personal details
Born 28 June 1940 (age 84)
Hathazari, Bengal Province, British India
Citizenship
British Raj (1940–1947)
Pakistan (1947–1971)
Bangladesh (since 1971)
Awards
Olympic Laurel (2020)
Congressional Gold Medal (2010)
Presidential Medal of Freedom (2009)
Nobel Peace Prize (2006)
Independence Award (1987)
Muhammad Yunus[a] (born 28 June 1940) is a Bangladeshi economist,
entrepreneur, politician, and civil society leader, who has been serving as
Chief Adviser (interim head of government) of the interim government of
Bangladesh since 8 August 2024. Yunus was awarded the Nobel Peace Prize in
2006 for founding the Grameen Bank and pioneering the concepts of
microcredit and microfinance. Yunus has received several other national and
international honors, including the United States Presidential Medal of
Freedom in 2009 and the Congressional Gold Medal in 2010
In 2012, Yunus became Chancellor of Glasgow Caledonian University in
Scotland, a position he held until 2018 Previously, he was a professor of
economics at Chittagong University in Bangladesh. He published several
books related to his finance work. He is a founding board member of Grameen
America and Grameen Foundation, which support microcredit Yunus also served
on the board of directors of the United Nations Foundation, a public
charity to support UN causes, from 1998 to 2021.In 2022, He partnered with
Global Esports Federation as part of the Esports for Development (E4D)
movement to support the development of Esports.
Following the overthrow of Sheikh Hasina, President Mohammed Shahabuddin
gave Yunus a mandate to form an interim government, acceding to calls from
student leaders for his appointment. His government has appointed a
Constitutional Reform Commission to draft a revision to the Constitution of
Bangladesh and has pledged the convocation of a constituent assembly. His
acquittal on appeal the following day of charges of labour code violations,
which were viewed as politically motivated, facilitated his return to the
country and appointment. His name was listed in The 500 Most Influential
Muslims in 2024.
In 1965, he received a Fulbright scholarship to study in the United States.
He obtained his PhD in economics from the Vanderbilt University Graduate
Program in Economic Development (GPED) in 1971 From 1969 to 1972, Yunus was
the assistant professor of economics at Middle Tennessee State University
in Murfreesboro.During the Bangladesh Liberation War in 1971, Yunus founded
a citizen's committee and ran the Bangladesh Information Center, with other
Bangladeshis in the United States, to raise support for liberation. He also
published the Bangladesh Newsletter from his home in Nashville. After the
War, he returned to Bangladesh and was appointed to the government's
Planning Commission headed by Nurul Islam. However, he found the job boring
and resigned to join Chittagong University as head of the Economics
department.
In 1974 we ended up with a famine in the country. People were dying of
hunger and not having enough to eat. And that's a terrible situation to see
around you. And I was feeling terrible that here I teach elegant theories
of economics, and those theories are of no use at the moment with the
people who are going hungry. So I wanted to see if as a person, as a human
being, I could be of some use to some people.
– Muhammad Yunus while talking about reason behind creating Grameen Bank
Political career
In July 2007, in Johannesburg, South Africa, Nelson Mandela, Graça Machel
and Desmond Tutu convened a group of world leaders "to contribute their
wisdom, independent leadership and integrity to tackle some of the world's
toughest problems. Nelson Mandela announced the formation of this new
group, The Elders, in a speech he delivered on the occasion of his 89th
birthday. Yunus attended the launch of the group and was one of its
founding members. He stepped down as an Elder in September 2009, stating
that he was unable to do justice to his membership due to the demands of
his work.Yunus is a member of the Africa Progress Panel (APP), a group of
ten distinguished individuals who advocate at the highest levels for
equitable and sustainable development in Africa. Every year, the Panel
releases a report, the Africa Progress Report, that outlines an issue of
immediate importance to the continent and suggests a set of associated
policies. In July 2009, Yunus became a member of the SNV Netherlands
Development Organisation International Advisory Board to support the
organisation's poverty reduction work Since 2010, Yunus has served as a
Commissioner for the Broadband Commission for Digital Development, a UN
initiative which seeks to use broadband internet services to accelerate
social and economic development In March 2016, he was appointed by United
Nations Secretary-General Ban Ki-moon to the High-Level Commission on
Health Employment and Economic Growth, which was co-chaired by presidents
François Hollande of France and Jacob Zuma of South Africa.[47] Following
the Rohingya genocide in 2016–2017, Yunus urged Myanmar to end violence
against Rohingya Muslims.
Muhammad Yunus was appointed as the transitional leader of the interim
government on 7 August 2024 by president Mohammed Shahabuddin. On 8 August
2024, he took the oath and has been serving as the Chief Advisor of the
2024 Bangladesh interim government.After the oath he visited injured
peoples in Dhaka Medical College.[62] On 10 August 2024, he visited the
home and family members of Abu Sayed He also visited injured student
protesters in the Rangpur Medical College. Following communal violence
after Hasina's resignation, Yunus threatened to resign if the violence
continued and vowed to crack down on conspirators of the attacks.
Controversies
2011 dismissal
The second Awami League government announced a review of Grameen Bank
activities on 11 January 2011. In February 2011, several international
leaders, such as Mary Robinson, stepped up their defence of Yunus through a
number of efforts, including the founding of a formal network of supporters
known as "Friends of Grameen".
On 15 February 2011, the Finance Minister of Bangladesh, Abul Maal Abdul
Muhith, declared that Yunus should "stay away" from Grameen Bank while it
is being investigated. On 2 March 2011, Muzammel Huq, a former Bank
employee, whom the government had appointed chairman in January, announced
that Yunus had been fired as managing director of the Bank. However, Bank
General Manager Jannat-E Quanine issued a statement that Yunus was
"continuing in his office" pending review of the legal issues surrounding
the controversy.
In March 2011, Yunus petitioned the Bangladesh High Court challenging the
legality of the decision by the Bangladeshi Central Bank to remove him as
managing director of Grameen Bank. The same day, nine elected directors of
Grameen Bank filed a second petition. U.S. Senator John Kerry expressed his
support to Yunus in a statement on 5 March 2011 and declared that he was
"deeply concerned" by this affair. The same day in Bangladesh, thousands of
people protested and formed human chains to support Yunus. The High Court
hearing on the petitions, was planned for 6 March 2011 but postponed. On 8
March 2011, the Court confirmed Yunus's dismissal.
Accusation of 'loan sharking' and effectiveness of microfinance
Yunus at an opening ceremony of his new book in New York City in 2008
The allegations against Muhammad Yunus and Grameen Bank were made in a
context where some people began to question the effectiveness of
microfinance, prompted by the actions of some for-profit microfinance
institutions (MFIs) in India and Mexico.[79] Coercion, peer pressure and
physical harassment were reportedly used as loan repayment practices in
some specific MFIs.[80] Commercialisation of microcredit prompted Yunus to
state that he "never imagined that one day microcredit would give rise to
its own breed of loan sharks."
The lure of profits attracted some for-profit MFIs to hold initial public
offerings (IPOs), including the largest Indian MFI, SKS Microfinance, which
held an IPO in July 2010 In September 2010, Yunus criticised the IPO; in a
debate with SKS founder Vikram Akula during the Clinton Global Initiative
meeting, he said, "Microcredit is not about exciting people to make money
off the poor. That's what you're doing. That's the wrong message
completely." Calculations of actual interest rate vary, but one estimate
puts average Grameen rates at about a 23% interest rate (comparable to the
inflation rate). Also see what annual interest do NGOs earn from a fixed
initial capital? In 2013, he faced a state-backed smear campaign that
accused him of being un-Islamic and promoting homosexuality, after he
signed a joint statement criticising the prosecution of gay people in
Uganda in 2012 with three other nobel laureates.
Food adulteration case
On 27 January 2011, Yunus appeared in court in a food-adulteration case
filed by the Dhaka City Corporation (DCC) Food Safety Court, accusing him
of producing an "adulterated" yogurt whose fat content was below the legal
minimum. This yogurt is produced by Grameen Danone, a social business joint
venture between Grameen Bank and Danone that aims to provide opportunities
for street vendors who sell the yogurt and to improve child nutrition with
the nutrient-fortified yogurt. According to Yunus' lawyer, the allegations
are "false and baseless".
Trials
Yunus faced 174 lawsuits in Bangladesh, 172 of which were civil cases.
Allegations included labour law violations, corruption, and money
laundering, which Yunus alleged were politically motivated.
Hasina launched a series of trials against Yunus. The former put the latter
on trial in 2010 and ultimately removed him from Grameen Bank, citing his
age. In 2013, he was tried a second time, because he had supposedly
received earnings without the necessary government permission, including
his Nobel Peace Prize earnings and royalties from his book sales. The
series of trials against Yunus puzzled figures worldwide, from the 8.3
million underprivileged women served by Grameen Bank to U.S. President
Barack Obama.
On 1 January 2024, a court in Bangladesh sentenced Yunus to a six-month
prison term, along with three employees from Grameen Telecom for labor law
violations. However, the court granted bail pending appeals. Amnesty
International declared Yunus's conviction a "blatant abuse" of the justice
system. The conviction was overturned on 7 August 2024 following an appeal.
He has been acquitted in a graft case filed by the Anti-Corruption
Commission (ACC) just four days after getting acquittal for the labour
violations case
9 March, Attorney General Mahbubey Alam expressed the government's attitude
when he said, "Prime Minister Sheikh Hasina should have been awarded the
Nobel Peace Prize". He went on to challenge the wisdom of the Nobel
committee.
The Bangladesh government launched the first trial against Yunus in
December 2010, alleging that in 1996 he had transferred approximately $100
million to a sister company of Grameen Bank. Yunus denied the allegations
and he was found innocent by the Norwegian government.
Yunus became subject to legal proceedings over three criminal cases. A
criminal defamation case was filed against Yunus for criticising
politicians in 2007. A food inspector filed another case against Yunus,
alleging that yogurt manufactured by Grameen-Danone was adulterated. The
final blow came on 3 March 2011. Bangladesh Bank informed Grameen in a
letter that Yunus had been removed from Grameen, citing old age. Backed by
nine boards of directors, 22 thousand employees, and 8.3 million Grameen
borrowers, Yunus defied the government order, returned to Grameen's
headquarters in Dhaka, and lodged an appeal at Dhaka High Court against the
decision. However, Justice Mohammad Momtazuddin Ahmed and Justice Gobinda
Chandra Tagore delivered the verdict against Yunus, Backed by
international leaders (e.g., Hillary and Bill Clinton), national leaders
(e.g., Sir Fazle Hasan Abed) and 8.3 million Grameen borrowers, Yunus filed
an appeal in Bangladesh Supreme Court against the High Court's verdict. The
full bench of the Appellate Division headed by Chief Justice ABM Khairul
Haque heard the appeal on 15 March 2011 and upheld Yunus's removal by the
government.
Yunus at the Grand Hotel in Oslo, Norway
Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for
their efforts to create economic and social development:
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.
— Norwegian Nobel Committee[154]
Yunus was the first Bangladeshi to ever get a Nobel Prize. He established
Grameen Bank in 1983, which plays a significant role in poverty alleviation
in various countries of the world including Bangladesh. In 2006, he and the
Grameen Bank he founded jointly won the Nobel Peace Prize
Former U.S. president Bill Clinton was a vocal advocate for the awarding of
the Nobel Prize to Yunus. He expressed this in Rolling Stone magazine as
well as in his autobiography My Life. In a speech given at University of
California, Berkeley in 2002, President Clinton described Yunus as "a man
who long ago should have won the Nobel Prize [in Economics and] I'll keep
saying that until they finally give it to him." Conversely, The Economist
stated explicitly that while Yunus was doing excellent work to fight
poverty, it was not appropriate to award him the Peace Prize, stating: "...
the Nobel committee could have made a braver, more difficult, choice by
declaring that there would be no recipient at all."
Yunus at the Annual Meeting 2009 of the World Economic Forum in Davos,
Switzerland
He is one of only seven persons to have won the Nobel Peace Prize,
Presidential Medal of Freedom, and the Congressional Gold Medal. Other
notable awards include the Ramon Magsaysay Award in 1984, the World Food
Prize, the International Simon Bolivar Prize (1996), the Prince of Asturias
Award for Concord and the Sydney Peace Prize in 1998, and the Seoul Peace
Prize in 2006. Additionally, Yunus has been awarded 50 honorary doctorate
degrees from universities across 20 countries, and 113 international awards
from 26 countries including state honours from 10 countries. Bangladesh
government brought out a commemorative stamp to honour his Nobel Award.In
January 2008, Houston, Texas declared 14 January as "Muhammad Yunus Day".
Muhammad Yunus takes oath as head of Bangladesh's interim government". Al
Jazeera. 8 August 2024. Archived from the original on
Clandestinely getting the balance with the Muslim back up than the
USA. Survival of the fittest. So A paper tiger living as a leexh. Can be
quelled in a nano sec. K Rajaram IRS 81224
On Sun, 8 Dec 2024 at 09:13, Markendeya Yeddanapudi <
[email protected]> wrote:
> This man Yunus was a big usurous money lender bloated into the Nobel
> Prize.This Nobel now repudiates the wonderful Bengali Heritage!He has
> become the stooge of the CIA helping the genocide of Hindus.He wants to
> ruin Bangladesh by creating a war against India,which it simply cannot
> win.Of course he wants to run away when the Indian army takes over.
> Under Hasina Bangladesh was wonderfully prospering.Now he wants to
> bankrupt the country with a defeat in war.He cannot stay in Bangladesh
> without the CIA protection.
> YM
>
>
> --
> *Mar*
>
> --
> You received this message because you are subscribed to the Google Groups
> "Thatha_Patty" group.
> To unsubscribe from this group and stop receiving emails from it, send an
> email to [email protected].
> To view this discussion visit
> https://groups.google.com/d/msgid/thatha_patty/CACDCHCKo680wN_3u7aDu-GL_9Tzc9o6t6WiPgQ253q99N2P8cw%40mail.gmail.com
> <https://groups.google.com/d/msgid/thatha_patty/CACDCHCKo680wN_3u7aDu-GL_9Tzc9o6t6WiPgQ253q99N2P8cw%40mail.gmail.com?utm_medium=email&utm_source=footer>
> .
>
--
You received this message because you are subscribed to the Google Groups
"Thatha_Patty" group.
To unsubscribe from this group and stop receiving emails from it, send an email
to [email protected].
To view this discussion visit
https://groups.google.com/d/msgid/thatha_patty/CAL5XZop%3DwHF84SfHX34QJTFDEA%2B-Y1w9qShnzGxk7Axo-abRuA%40mail.gmail.com.
