Muhammad Yunus facts for kids
Quick facts for kids
Muhammad Yunus
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মুহাম্মদ ইউনূস
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Yunus in 2013
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| 5th Chief Adviser of Bangladesh | |
| Assumed office 8 August 2024 |
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| President | Mohammed Shahabuddin |
| Preceded by | Sheikh Hasina (as Prime Minister) |
| Adviser of the Caretaker Government | |
| In office 30 March 1996 – 23 June 1996 |
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| President | Abdur Rahman Biswas |
| Chief Adviser | Muhammad Habibur Rahman |
| Personal details | |
| Born | 28 June 1940 Hathazari, Bengal Province, British India |
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| Political party | Independent (2007–present) |
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Nagorik Shakti (2007) |
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| Children |
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| Relatives | Muhammad Ibrahim (brother) |
| Residences | Jamuna State House, Dhaka |
| Education |
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Notable work
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| Scientific career | |
| Institutions |
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Muhammad Yunus (born 28 June 1940) is a Bangladeshi economist, entrepreneur, and leader. He is currently serving as the Chief Adviser of the Interim Government of Bangladesh since August 8, 2024.
Yunus won the Nobel Peace Prize in 2006. He received this award for creating the Grameen Bank and for his new ideas of microcredit and microfinance. These ideas help poor people get small loans to start businesses. He has also received other important awards, like the United States Presidential Medal of Freedom in 2009 and the Congressional Gold Medal in 2010. Muhammad Yunus is one of only seven people in the world to have received all three of these major awards.
From 2012 to 2018, Yunus was the Chancellor of Glasgow Caledonian University in Scotland. Before that, he was a professor of economics at Chittagong University in Bangladesh. He has written several books about his work in finance. He also helped start Grameen America and Grameen Foundation, which support microcredit around the world. Yunus was also on the board of directors for the United Nations Foundation from 1998 to 2021. In 2022, he teamed up with the Global Esports Federation to support the growth of Esports for development.
After a big protest movement in Bangladesh, President Mohammed Shahabuddin asked Yunus to form an interim government. This happened on August 8, 2024, after the previous Prime Minister resigned. His government has started a group to suggest changes to the Constitution of Bangladesh. They also plan to create a special assembly to discuss these changes.
Contents
Muhammad Yunus: Early Life and Education
Growing Up in Bangladesh
Muhammad Yunus was born on June 28, 1940. He was the third of nine children in his family. His family lived in a village called Bathua in what is now Bangladesh. His father, Haji Muhammad Dula Mia Soudagar, was a jeweler.
In 1944, his family moved to the city of Chittagong. He then went to Lamabazar Primary School. Later, he did very well on his high school exams from Chittagong Collegiate School. He was 16th out of 39,000 students! During his school years, he was an active Boy Scout. He even traveled to West Pakistan, India, and Canada for Scout Jamborees.
While studying at Chittagong College, he enjoyed cultural activities and won awards for drama. In 1957, he started studying economics at Dhaka University. He earned his first degree in 1960 and his master's degree in 1961.
Studying and Working Abroad
After finishing university, Yunus worked as a research assistant in economics. In 1961, he became an economics lecturer at Chittagong College. During this time, he also started a successful packaging factory.
In 1965, he received a scholarship to study in the United States. He earned his PhD in economics from Vanderbilt University in 1971. From 1969 to 1972, Yunus was an assistant professor of economics at Middle Tennessee State University.
During the Bangladesh Liberation War in 1971, Yunus helped raise support for Bangladesh's independence. He returned to Bangladesh after the war and worked for the government's Planning Commission. However, he found the job uninteresting and soon resigned. He then became the head of the Economics department at Chittagong University.
After seeing the terrible famine of 1974, he became very interested in helping reduce poverty. He started a research project focused on rural economic programs. He also developed a farming program that the government later adopted.
How Grameen Bank Started
In 1976, Yunus visited very poor families in a village near Chittagong University. He learned that even tiny loans could make a huge difference for poor people. For example, women who made bamboo furniture had to borrow money at very high interest rates. This meant they had to give most of their profits to the lenders.
Traditional banks did not want to give small loans to poor people. They thought it was too risky. But Yunus believed that poor people, if given a fair chance, would pay back their loans. He thought they could keep their profits and improve their lives. This idea led to microcredit. Yunus first lent just US$27 of his own money to 42 women in the village. Each woman made a small profit from this loan. This was the start of the microcredit idea.
In December 1976, Yunus got a loan from a government bank to lend to the poor in Jobra. This project grew, getting loans from other banks. By 1982, it had 28,000 members. On October 1, 1983, this project became a full bank for poor Bangladeshis. It was named Grameen Bank, which means "Village Bank."
By July 2007, Grameen Bank had given out over US$6.38 billion to 7.4 million borrowers. To help people pay back loans, the bank uses "solidarity groups." These are small groups of people who apply for loans together. They help each other and support each other's efforts to earn money.
In the late 1980s, Grameen Bank started to expand. They began helping with fishing ponds and irrigation pumps. These new interests grew into separate organizations. For example, the fishing project became Grameen Motsho (Grameen Fisheries Foundation). The irrigation project became Grameen Krishi (Grameen Agriculture Foundation).
Over time, the Grameen idea grew into many different businesses and non-profit groups. These include Grameen Trust and Grameen Fund. They also have companies like Grameen Software, Grameen CyberNet, and Grameen Knitwear. One major success is Grameen Telecom, which owns part of Grameenphone (GP). GP is the biggest private phone company in Bangladesh. From 1997 to 2007, GP's Village Phone project helped 260,000 poor people in over 50,000 villages get cell phones.
The success of the Grameen microfinance model has inspired similar projects in about 100 countries. Many of these projects also focus on lending to women. More than 94% of Grameen's loans have gone to women. This is because women often suffer more from poverty. Also, they are more likely to use their earnings to help their families.
Muhammad Yunus: Political and Global Roles
Working with World Leaders
In July 2007, Nelson Mandela, Graça Machel, and Desmond Tutu started a group called The Elders. This group brings together world leaders to help solve global problems. Yunus was one of the founding members. He later stepped down in 2009 because his other work was too demanding.
Yunus is also a member of the Africa Progress Panel (APP). This group of ten important people works to promote fair and lasting development in Africa. They release a report each year about important issues on the continent.
Since 2010, Yunus has been a Commissioner for the Broadband Commission for Digital Development. This is a UN project that uses internet services to help social and economic growth. In 2016, the UN Secretary-General asked him to join a special commission on health, jobs, and economic growth. After the violence against Rohingya Muslims in 2016–2017, Yunus urged Myanmar to stop the violence.
Advisor to the Government
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In 1996, Muhammad Yunus served as an advisor to the caretaker government of Bangladesh. He helped oversee the ministries of education, science, technology, and environment.
Nagorik Shakti
In 2006, Yunus thought about entering politics. In February 2007, he wrote an open letter in a Bangladeshi newspaper. He asked people for their ideas on starting a political party to bring good leadership and governance. He announced he was willing to launch a party called Nagorik Shakti (Citizens' Power). However, in May, Yunus decided to stop his political plans.
Chief Adviser of Bangladesh
In August 2024, after a large student-led uprising in Bangladesh, Muhammad Yunus was appointed as the transitional leader of the interim government. He took his oath on August 8, 2024, and became the Chief Advisor. After taking office, he visited people who were injured during the protests. He also visited the family of a student activist.
As Chief Adviser, Yunus has promised to continue helping Rohingya refugees in Bangladesh. He also pledged to support the clothing industry, which faced problems during the unrest.
On December 16, 2024, Yunus announced that general elections would be held in late 2025 or early 2026.
Muhammad Yunus: Personal Life
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Muhammad Yunus is from a Muslim family. In 1967, while studying at Vanderbilt University, he met Vera Forostenko. They married in 1970. Their daughter, Monica Yunus, was born in 1979. Monica later became an opera singer in New York City.
Yunus later married Afrozi Yunus, who was a physics researcher. She became a physics professor at Jahangirnagar University. Their daughter, Deena Afroz Yunus, was born in 1986.
His brother, Muhammad Ibrahim, was a physics professor. He also founded a center that teaches science to teenage girls in villages. Another brother, Muhammad Jahangir, was a TV presenter and social activist.
Yunus Centre
The Yunus Centre is a special organization in Dhaka, Bangladesh. It was started in 2008 and is led by Dr. Yunus. Its main goal is to study and promote "social business," which means businesses that aim to solve social problems, not just make money. The center works to reduce poverty and promote sustainable living. It also supports new social businesses and organizes events like the Global Social Business Summit.
Documentaries
- 2000 – Sixteen Decisions
- 2010 – To Catch a Dollar
- 2011 – Bonsai People – The Vision of Muhammad Yunus directed by Holly Mosher
Muhammad Yunus: Awards and Recognitions
Muhammad Yunus and Grameen Bank won the 2006 Nobel Peace Prize. They received it for their efforts to help people economically and socially.
The Norwegian Nobel Committee said that Yunus "has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people." They noted that giving loans to poor people without financial security seemed impossible. But Yunus, through Grameen Bank, made microcredit an important tool in fighting poverty.
Yunus was the first person from Bangladesh to win a Nobel Prize. He said he would use some of his prize money to create a company that makes low-cost, healthy food for the poor. The rest would go towards building a science and technology university and an eye hospital for the poor in Bangladesh.
Former U.S. President Bill Clinton strongly supported Yunus winning the Nobel Prize. He even mentioned it in his autobiography.
Yunus is one of only seven people to have won the Nobel Peace Prize, the Presidential Medal of Freedom, and the Congressional Gold Medal. He has also received many other important awards, including the Ramon Magsaysay Award in 1984 and the World Food Prize. He has been given 50 honorary doctorate degrees from universities in 20 countries. He has also received 113 international awards from 26 countries.
In March 2012, Fortune Magazine named Yunus one of the 12 greatest entrepreneurs of our time. They said his idea inspired many young people worldwide to work for social causes. In January 2008, the city of Houston, Texas, declared January 14 as "Muhammad Yunus Day."
In 2010, the British magazine New Statesman listed Yunus as 40th among the "World's 50 Most Influential Figures."
Yunus has become a well-known international figure. He gives many speeches around the world. He has also appeared on popular TV shows like The Daily Show with Jon Stewart and The Oprah Winfrey Show.
He played an important role in the Paris 2024 Olympics. He helped promote social business ideas and encouraged projects that were good for society and the environment. For example, his influence led to giving priority to social businesses in public projects. He also helped include social housing in the plans for the athletes' village.
See also
In Spanish: Muhammad Yunus para niños
- Yunus Centre
- Yunus Social Business
- List of chief advisers of Bangladesh
- List of Nobel Peace Prize laureates
