Dr. Muhammad Yunus, the Nobel laureate and renowned founder of Grameen Bank, has arrived in Dhaka to assume the role of Bangladesh’s interim prime minister. This appointment comes in the wake of a major student-led protest that led to the resignation of former Prime Minister Sheikh Hasina. With Yunus, often called the ‘banker of the poor,’ poised to guide the country through a pivotal period, the world watches closely.
Background And Early Life
Muhammad Yunus, born in 1940 in the village of Bathua in undivided Bengal, was the third of nine siblings in a merchant family. His father, Haji Dulaa Mia Sawdagar, was a jeweler. Yunus spent his formative years in Chittagong, where he engaged in activities like Boy Scouts and traveled extensively. He pursued higher education at Dhaka University, earning a bachelor’s and master’s degree before obtaining a PhD in economic development from Vanderbilt University in 1971.
Role In Bangladesh’s Liberation
During Bangladesh’s liberation war in 1971, Yunus played a significant role by running a communications center and publishing a newsletter to support the movement. Following the war and witnessing the devastating famine of 1974, he was driven to address poverty, eventually leading to his groundbreaking work in microfinance.
The Grameen Bank Legacy
In 1976, Yunus pioneered the concept of microcredit after realizing the need for small loans among the underprivileged. This innovation led to the creation of Grameen Bank in 1983. By 2007, Grameen had disbursed over $6 billion to millions of borrowers. This model of microfinance gained international acclaim and inspired similar initiatives globally, earning Yunus the Nobel Prize in 2006.
Controversies And Challenges
Yunus’s tenure with Grameen Bank has not been without controversy. In 2011, allegations of fund misuse surfaced under Sheikh Hasina’s administration, leading to Yunus’s forced departure from the bank. The Bangladeshi High Court temporarily stayed the legality of this decision. Yunus has also faced numerous legal challenges, including defamation and misuse of power charges, many of which are perceived as politically motivated.
Personal Life
Yunus has a daughter, Monica Yunus, from his first marriage to Vera Forostenko, who is an opera singer based in New York. His second wife, Afrozi, a physicist, has also made significant contributions to academia. Their daughter, Deena Afroz Yunus, was born in 1986. Yunus’s family includes his late brother Muhammad Jahangir, a social activist, and his younger brother Muhammad Ibrahim, founder of the Centre for Mass Education in Science.
As Yunus takes the helm of Bangladesh’s interim government, his leadership is expected to navigate the nation through a transformative phase, balancing the promises of reform with the challenges of a country in flux.