Muhammad Yunus
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Muhammad YunusTemplate:Efn (born 28 June 1940) is a Bangladeshi economist, entrepreneur, civil society leader and statesman who has been serving as the fifth chief adviser of BangladeshTemplate:Efn since 2024.<ref>Template:Cite web</ref> Yunus pioneered the modern concept of microcredit and microfinance, for which he was awarded the Nobel Peace Prize in 2006. He is the founder of Grameen Bank and the first Bangladeshi to win the Nobel Peace Prize.
Born in Hathazari, Chittagong, Yunus passed his matriculation and intermediate examinations from Chittagong Collegiate School and Chittagong College, respectively. He completed his BA from University of Dhaka and joined as a lecturer in Chittagong College. He obtained his PhD in economics from Vanderbilt University in the United States.
After the devastating famine of 1974, Yunus started to work on poverty alleviation in Bangladesh. He began experimenting with microfinance in the late 1970s. In 1983, the Grameen Bank was established. The success of the Grameen microfinance model inspired similar efforts in about 100 developing countries and even in developed countries including the United States.<ref>Template:Cite news</ref> Yunus was awarded the Nobel Peace Prize in 2006 for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance.<ref>Template:Cite web</ref> 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.<ref>Template:Cite web</ref>
In 2012, Yunus became Chancellor of Glasgow Caledonian University in Scotland, a position he held until 2018.<ref name="BBC-Glasgow">Template:Cite news</ref><ref>Template:Cite web</ref> Previously, he was a professor of economics at Chittagong University in Bangladesh.<ref>Template:Cite news</ref> He published several books related to his finance work. He is a founding board member of Grameen America and Grameen Foundation, which supports microcredit.<ref>Template:Cite news</ref> Yunus also served in the board of directors of the United Nations Foundation, a public charity to support UN causes, from 1998 to 2021.<ref name="test">Template:Cite web</ref><ref name="yun"/>
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.<ref name="Wapo20240806">Template:Cite news</ref> His government has appointed a Constitutional Reform Commission to draft revisions to the Constitution of Bangladesh and has pledged to hold the next general election by June 2026.<ref>Template:Cite news</ref> His name was listed in The 500 Most Influential Muslims in 2024.<ref>Template:Cite news</ref> In 2025, he was named one of Time Magazine's 100 Most Influential People in the World.<ref>Template:Cite magazine</ref>
Early life and education
The third of nine children,<ref>Template:Cite web</ref> Muhammad Yunus was born on 28 June 1940 to a Bengali Muslim family of Saudagars in the village of Bathua, by the Kaptai road at Hathazari in the Chittagong District of Bengal Presidency (now in Bangladesh).<ref name="$27">Template:Cite news</ref><ref name=Hero>Template:Cite news</ref> His father was Haji Muhammad Dula Mia Saudagar, a Sufi jeweller, and his mother was Sufia Khatun. His early childhood was spent in the village. In 1944, his family moved to the city of Chittagong, and he moved from his village school to Lamabazar Primary School.<ref name="$27"/><ref name="Palo-interview">Template:Cite interview</ref> By 1949, his mother was afflicted with psychological illness.<ref name="Hero"/> Later, he passed the matriculation examination from Chittagong Collegiate School ranking 16th out of 39,000 students in East Pakistan.<ref name="Palo-interview"/> During his school years, he was an active Boy Scout, and travelled to West Pakistan and India in 1952, and to Canada in 1955 to attend Jamborees.<ref name="Palo-interview"/> Later, while Yunus was studying at Chittagong College, he became active in cultural activities and won awards for drama.<ref name="Palo-interview"/> In 1957, he enrolled in the Department of Economics at Dhaka University and completed his BA in 1960 and MA in 1961.<ref name="edd">Template:Cite web</ref><ref name="edd2">Template:Cite news</ref>
Career
Early career
After his graduation, Yunus joined the Bureau of Economics at Dhaka University as a research assistant to economists Nurul Islam and Rehman Sobhan.<ref name="Palo-interview"/> Later, he was appointed lecturer in economics in Chittagong College in 1961.<ref name="Palo-interview"/> During that time, he also set up a profitable packaging factory on the side.<ref name=Hero/> In 1965, he received a Fulbright scholarship to study in the United States. He obtained his PhD in economics from Vanderbilt University through their Graduate Program in Economic Development in 1969.<ref name="edd" /><ref name="edd2" /><ref>Template:Cite web</ref><ref name="vanb">Template:Cite web</ref> From 1969 to 1972, Yunus was an assistant professor of economics at Middle Tennessee State University in Murfreesboro.<ref name="edd"/><ref name="edd2"/>
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.<ref name="Palo-interview"/> 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.<ref name="B2P">Template:Cite book</ref> After observing the famine of 1974, he became involved in poverty reduction and established a rural economic programme as a research project. In 1975, he developed a Nabajug Tebhaga Khamar (Template:Lit) which the government adopted as the Packaged Input Programme.<ref name="Palo-interview"/> To make the project more effective, Yunus and his associates proposed the Gram Sarkar (Template:Lit) programme.<ref name="Ramon">Template:Cite web</ref> Introduced by President Ziaur Rahman in the late 1970s, the government formed 40,392 village governments as a fourth layer of government in 2003. On 2 August 2005, in response to a petition by Bangladesh Legal Aid and Services Trust (BLAST), the High Court declared village governments illegal and unconstitutional.<ref>Template:Cite web</ref>
His concept of microcredit for supporting innovators in multiple developing countries also inspired programmes such as the Info lady Social Entrepreneurship Programme.<ref>Template:Cite news</ref><ref>Template:Cite web</ref><ref>Template:Cite news</ref>
Grameen and microfinance
In 1976, during visits to the poorest households in the village of Jobra near Chittagong University, Yunus discovered that very small loans could make a disproportionate difference to a poor person. Village women who made bamboo furniture had to take usurious loans to buy bamboo, and repay their profits to the lenders. Traditional banks did not want to make tiny loans at reasonable interest to the poor due to high risk of default.<ref name="bbc2Mar2011">Template:Cite news</ref> But Yunus believed that, given the chance, the poor will not need to pay high interest on the money, can keep any profits from their own labour, and hence microcredit was a viable business model.<ref>Template:Cite book</ref> Yunus lent US$27 of his money to 42 women in the village, who made a profit of BDT 0.50 (US$0.02) each on the loan.<ref>Template:Cite web</ref> Thus, Yunus is credited with the idea of microcredit.<ref name="yun">Template:Cite web</ref>
In December 1976, Yunus finally secured a loan from the government Janata Bank to lend to the poor in Jobra. The institution continued to operate, securing loans from other banks for its projects. By 1982, it had 28,000 members. On 1 October 1983, the pilot project began operation as a full-fledged bank for poor Bangladeshis and was renamed Grameen Bank ("Village Bank"). By July 2007, Grameen had issued US$6.38 billion to 7.4 million borrowers.<ref>Template:Cite web</ref> To ensure repayment, the bank uses a system of "solidarity groups". These small informal groups apply together for loans and its members act as co-guarantors of repayment and support one another's efforts at economic self-advancement.<ref name="Ramon"/>
In the late 1980s, Grameen started to diversify by attending to underutilized fishing ponds and irrigation pumps like deep tube wells.<ref name="IntFam">Template:Cite web</ref> In 1989, these diversified interests started growing into separate organisations. The fisheries project became Grameen Motsho ("Grameen Fisheries Foundation") and the irrigation project became Grameen Krishi ("Grameen Agriculture Foundation").<ref name="IntFam"/> In time, the Grameen initiative grew into a multi-faceted group of profitable and non-profit ventures, including major projects like Grameen Trust and Grameen Fund, which runs equity projects like Grameen Software Limited, Grameen CyberNet Limited, and Grameen Knitwear Limited,<ref>Template:Cite web</ref> as well as Grameen Telecom, which has a stake in Grameenphone (GP), the biggest private phone company in Bangladesh.<ref>Template:Cite web</ref> From its start in March 1997 to 2007, GP's Village Phone (Polli Phone) project had brought cell-phone ownership to 260,000 rural poor in over 50,000 villages.<ref>Template:Cite web</ref>
Template:Quote box The success of the Grameen microfinance model inspired similar efforts in about 100 developing countries and even in developed countries including the United States.<ref>Template:Cite news</ref> Many microcredit projects retain Grameen's emphasis of lending to women. More than 94% of Grameen loans have gone to women, who suffer disproportionately from poverty and who are more likely than men to devote their earnings to their families.<ref>Template:Cite interview</ref>
For his work with Grameen, Yunus was named an Ashoka: Innovators for the Public Global Academy Member in 2001.<ref>Template:Cite web</ref> According to Rashidul Bari, the Grameen's social business model has gone from being theory to an inspiring practice adopted globally by leading universities, entrepreneurs, social business and corporations.<ref>Template:Cite news</ref>
The Yunus Centre, located in Dhaka, Bangladesh, is a think tank focused on social business, poverty alleviation, and sustainability. Founded in 2008 and chaired by Dr Yunus, it promotes his philosophy of social business and serves as a resource center for related initiatives. The centre's activities include poverty eradication campaigns, research and publications, support for social business start-ups, organizing the Global Social Business Summit, and developing academic programs on social business with international universities.<ref>Template:Cite web</ref>
International 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."<ref>Template:Cite news</ref> Nelson Mandela announced the formation of this new group, The Elders, in a speech he delivered on the occasion of his 89th birthday.<ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref>
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.<ref>Template:Cite web</ref> In July 2009, Yunus became a member of the SNV Netherlands Development Organisation International Advisory Board to support the organisation's poverty reduction work.<ref>Template:Cite web</ref> 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.<ref>Template:Cite web</ref> 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.<ref>Template:Cite web</ref> Following the Rohingya genocide in 2016–2017, Yunus urged Myanmar to end violence against Rohingya Muslims.<ref>Template:Cite news</ref>
Early political career
For many years, Yunus remained a follower of Hasina's father, Sheikh Mujib, Former President of Bangladesh.<ref name="webs">Template:Cite web</ref> While teaching at Middle Tennessee State University,<ref name="mtsu">Template:Cite web</ref> Yunus founded the Bangladesh Citizens' Committee (BCC) as a response to West Pakistan's aggression against Bangladesh.<ref name="Stuth_transforming_cannons">Template:Cite Q</ref>Template:Rp After the outbreak of the war of liberation, the BCC selected Yunus to become editor of its Bangladesh News Letter.<ref name="bdnews24">Template:Cite news</ref> Inspired by the birth of Bangladesh in 1971, Yunus returned home in 1972. The relationship continued after Mujib's death.
Advisor to the Caretaker Government
In 1996, Muhammad Yunus served as an advisor to the caretaker government led by former Chief Justice Muhammad Habibur Rahman. He was responsible for overseeing the Ministry of Primary and Mass Education, the Ministry of Science and Technology, and the Ministry of Environment and Forests.<ref name="cabinet list">Template:Cite web</ref><ref>Template:Cite news</ref>
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Nagorik Shakti
Template:Further In early 2006, Yunus, along with other members of the civil society including Rehman Sobhan, Muhammad Habibur Rahman, Kamal Hossain, Matiur Rahman, Mahfuz Anam and Debapriya Bhattacharya, participated in a campaign for honest and clean candidates in national elections.<ref>Template:Cite news</ref> He considered entering politics in the later part of that year.<ref>Template:Cite news</ref> On 11 February 2007, Yunus wrote an open letter, published in the Bangladeshi newspaper Daily Star, where he asked citizens for views on his plan to float a political party to establish political goodwill, proper leadership and good governance. In the letter, he called on everyone to briefly outline how he should go about the task and how they can contribute to it.<ref>Template:Cite news</ref> Yunus finally announced that he is willing to launch a political party tentatively called Nagorik Shakti (Template:Lit) on 18 February 2007.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> There was speculation that the army supported a move by Yunus into politics.<ref>Template:Cite news</ref> On 3 May, however, Yunus declared that he had decided to abandon his political plans following a meeting with the head of the caretaker government, Fakhruddin Ahmed.<ref name=aljazeera>Template:Cite news</ref>
Chief Adviser of Bangladesh (2024–present)
Amid the Student–People's uprising in Bangladesh, Yunus expressed support for the students and his distaste of the current government, and in August 2024, after the resignation of Sheikh Hasina and her departure to India, it was announced that Yunus would be chief adviser of the interim government.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> While the Constitution of Bangladesh has not provided for an interim government since 2011, the Yunus government is deemed legitimate due to the doctrine of necessity. Bangladeshi courts have taken the line that Hasina's resignation created a situation for which there was no constitutional remedy. Not only does the Bangladeshi legal system no longer account for transfers of power, but there was an urgent need to oversee state affairs.
Muhammad Yunus was appointed as the transitional leader of the interim government on 7 August 2024 by president Mohammed Shahabuddin.<ref>Template:Cite web</ref> On 8 August 2024, he took the oath and has been serving as the Chief Advisor of the interim government.<ref>Template:Cite web</ref> After the oath, he visited injured people in Dhaka Medical College.<ref>Template:Cite news</ref> On 10 August 2024, he visited the home and family members of Abu Sayed.<ref>Template:Cite news</ref> He also visited injured student protesters in the Rangpur Medical College.<ref>Template:Cite news</ref> Following communal violence after Hasina's resignation, Yunus threatened to resign if the violence continued<ref name=threaten>Template:Cite web</ref> and vowed to crack down on conspirators of the attacks.<ref name=crackdown>Template:Cite web</ref>
As Chief Adviser, Yunus has pledged to continue providing humanitarian aid to Rohingya refugees in Bangladesh and support the garment industry amid disruptions caused by the unrest prior to his appointment.<ref>Template:Cite web</ref>
On 16 December 2024, Yunus announced that general elections would be held in late 2025 or early 2026.<ref>Template:Cite web</ref> On 5 August 2025, Yunus requested the Bangladesh Election Commission to organise the election before Ramadan 2026, which will begin as early as 17 February.<ref>Template:Cite web</ref>
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In his capacity as Chief Adviser of Bangladesh's interim government, Muhammad Yunus has taken initiatives to enhance the country's digital infrastructure and support inclusive economic growth. In March 2025, Yunus announced that Bangladesh would finalize a commercial agreement with SpaceX's Starlink within three months. The initiative aims to deliver reliable satellite internet across the nation and prevent political disruptions from leading to internet blackouts, as happened in the past.<ref name="reuters2025">Template:Cite news</ref> Yunus emphasized that satellite internet through Starlink would allow broader access to education, health services, and entrepreneurship, especially in rural and underserved regions. He also expressed interest in collaborating with Elon Musk to unlock Bangladesh's potential through digital innovation.<ref name="businessstandard2025">Template:Cite news</ref>
In April 2025, Yunus addressed the 81st session of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), reaffirming Bangladesh's commitment to building a climate-resilient and inclusive digital economy. He highlighted the government's investments in green infrastructure, sustainable housing, and nature-based solutions to support vulnerable populations.<ref name="dt2025">Template:Cite news</ref>
The Yunus Administration has been criticised for their inability to maintain law and order during the start of their term,<ref>Template:Cite web</ref> but has been praised for restoring democratic rights such as the freedom of press, freedom of speech and improved foreign relations as well as the implementation of key reforms which led to a high approval rating.<ref>Template:Cite web</ref>
Reforms under Muhammad Yunus's administration
July Charter
Yunus's administration created the July Charter, which is a political declaration based on a consensus reached by 30 political parties for constitutional, administrative and electoral reforms.<ref>Template:Cite web</ref>
Creation of a bicameral parliament (senate)
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Consensus was reached in discussions of the July Charter for the creation of two separate houses.<ref name=":0">Template:Cite web</ref> The national assembly (parliament) with 400 members and a newly formed upper house (senate) with 105 members elected through Proportional representation.<ref name=":0" />
The senate cannot introduce legislation but can review and suggest amendments and delay bills passed by the national assembly.<ref name=":0" /> This was introduced to increase transparency and democracy.
Unified public transport system
Yunus's administration announced that all buses in the capital city of Dhaka will be brought under a unified system, following regulations and routes set by the government to create an efficient and functioning public transport system and prevent chaos.<ref>Template:Cite web</ref>
Traffic signals and road safety laws implementation
The Yunus administration implemented semi-automatic traffic signals at key intersections of the capital city and announced plans to implement traffic signals on a wide scale in Dhaka.<ref>Template:Cite web</ref>
A real time traffic monitoring centre was also launched in Dhaka, and it is equipped with advanced ITS technologies, such as real-time traffic monitoring, vehicle speed tracking, data analysis, and incident management.<ref>Template:Cite web</ref>
These reforms were introduced in efforts to reduce congestion and improve road safety.
NHRC's emergence as a powerful organization
The Yunus administration gave the National Human Rights Commission of Bangladesh new powers which led to its emergence as a powerful organization.<ref name=":1">Template:Cite web</ref>
Since 2009 under the government of Sheikh Hasina banned the NHRC from investigating members of law enforcement, which was removed through the ordinance issued by Yunus's government.<ref name=":1" />
The ordinance grants the organization new duties and powers such as investigation, prosecution, legal representation of complainants.<ref name=":1" /> The new ordinance allows the organization to arrest and investigate suspects regardless of rank or political position independently.<ref name=":1" /> The ordinance also gives the organization new powers such as visiting and searching facilities to identify secret detention centres. It can also issue warrants to inspect prisons or other premises where enforced disappearances could have taken place.<ref name=":1" />
The rights commission can also authorise law enforcers to make arrests with the ordinance stating investigating officers cannot be part of the organization that is being investigated.<ref name=":1" />
This is considered to be revolutionary in tackling human rights abuses in Bangladesh.<ref name=":1" />
Increased police accountability
Due to the Bangladesh Police's history of committing human rights abuses, especially during the July Revolution, the Yunus administration vowed to make the police an accountable and just force.<ref name=":2">Template:Cite web</ref><ref name=":3">Template:Cite web</ref>
A police reform commission was formed which suggested introducing clear-walled interrogation rooms in every police station to eliminate the risk of custodial torture.<ref name=":2" /><ref name=":3" /> To prevent enforced disappearances, the introduction of GPS trackers and bodycams was recommended along with the introduction of an independent police commission for accountability.<ref name=":3" /><ref name=":2" />
The Yunus government announced the procurement of 40,000 bodycams for the police to promote accountability for the upcoming 2026 Bangladeshi general election.<ref>Template:Cite web</ref>
Legal system reforms (introduction of pre-litigation mediation, digital legal aid launch)
Under Yunus, the government launched mandatory pre-litigation mediation (formal or informal process where a neutral third party, a mediator, helps disputing parties reach a resolution before a formal lawsuit is filed in court).<ref>Template:Cite web</ref>
The government also launched e-family courts (a new digital system for conducting family court proceedings entirely online).<ref>Template:Cite web</ref>
The most revolutionary legal reform under Yunus's government was a digital legal aid program which offers free legal assistance to underprivileged communities. Legal aid aims to make justice faster, fairer, and more accessible.<ref name=":4">Template:Cite web</ref>
Law adviser Asif Nazrul stated “If implemented successfully, the amended legal aid system has the potential to transform lives. By expanding mediation and bringing justice closer to people, especially those who cannot afford lengthy litigation, we can ensure that no citizen is left without protection of the law.”<ref name=":4" />
Controversies
Change of Hasina's opinion about Yunus (2007)
Yunus maintained a professional relationship with Hasina. Yunus appointed Hasina—along with U.S. First Lady Hillary Clinton—as co-chair of a microcredit summit held 2–4 February 1997. In her statement she praised, "the outstanding work done by Professor Yunus and the Grameen Bank he founded. ... The success of the Grameen Bank has created optimism about the viability of banks engaged in extending micro-credit to the poor".<ref name="himalmag">Template:Cite magazine</ref> The inaugural ceremony of Grameen Phone, Bangladesh's largest telephone service, took place at Hasina's office on 26 March 1997. Using Grameen Phone, Hasina made the first call to Thorbjorn Jagland, the then-Norwegian prime minister. When her conversation ended, she received another call, from Laily Begum, a Grameen Phone employee.
On 11 January 2007, Army General Moeen U Ahmed staged a military coup,<ref>Template:Cite news</ref> and Fakhruddin Ahmed took office on 11 January 2007 as Chief Advisor<ref name="oneindia">Template:Cite news</ref> saying he intended to arrange free and fair elections but also to clean up corruption. While Khaleda Zia and Hasina criticised Fakruddin and claimed that it was not his job to clean up corruption, Yunus expressed his satisfaction. In an interview with the AFP news agency, Yunus remarked "There is no ideology here."<ref name="bbc18Jan2011">Template:Cite news</ref> In reaction to Yunus' comments Sheikh Hasina called him a "usurer who has not only failed to eradicate poverty but has also nurtured poverty."<ref name="bdnews24b">Template:Cite news</ref> This was Hasina's first public statement against Yunus.
The Awami League government of Sheikh Hasina campaigned against Grameen and Yunus. The New York Times reported, "Her actions appear to be retaliation for Mr. Yunus's announcement in 2007 that he would seek public office, even though he never went through with his plans".<ref name="nytimes7">Template:Cite news</ref> According to Times of India, one other factor contributed to her decision against Yunus: the Nobel Peace Prize.<ref name="amadershomoybd">Template:Cite news</ref>
Hasina thought she would win the Nobel Peace Prize for signing the 1997 Chittagong Hill Tracts peace treaty. On 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.<ref name="google">Template:Cite book</ref>
Dismissal from and government targeting of Grameen (2011–2013)
The second Awami League government announced a review of Grameen Bank activities on 11 January 2011.<ref name="Ahmed">Template:Cite news</ref> 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".<ref>Template:Cite news</ref>
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.<ref>Template:Cite news</ref> 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.<ref name="nytimes.com">Template:Cite news</ref><ref>Template:Cite news</ref> 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.<ref>Template:Cite web</ref>
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.<ref>Template:Cite news</ref> The same day, nine elected directors of Grameen Bank filed a second petition.<ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref> The same day in Bangladesh, thousands of people protested and formed human chains to support Yunus.<ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref>
On 2 August 2012, Sheikh Hasina approved a draft of "Grameen Bank Ordinance 2012"<ref name="bdnews24c">Template:Cite news</ref> to increase government control over the bank.<ref name="bdnews24c" /> That power resided with the bank's directors—nine poor women who were elected by 8.3 million Grameen borrowers. Hasina also ordered a fresh investigation into Yunus's activities and financial transactions<ref name="theguardian2">Template:Cite news</ref> in his later years as managing director of Grameen, but people saw the move as an attempt to destroy his image. The prime minister also alleged that Yunus had received his earnings without the necessary permission from the government, including his Nobel Peace Prize earnings and book royalties.<ref name="bbc3">Template:Cite news</ref>
On 4 October 2013, Bangladesh's cabinet approved the draft of a new law that would give the country's central bank greater control over Grameen Bank,<ref name="wsj">Template:Cite news</ref> raising the stakes in the long-running dispute. The Grameen Bank Act 2013 was approved at a cabinet meeting chaired by Prime Minister Sheikh Hasina<ref>Template:Cite news</ref> and was passed by parliament on 7 November 2013.<ref>Template:Cite news</ref> It replaced the Grameen Bank Ordinance, the law that underpinned the creation of Grameen Bank as a specialised microcredit institution in 1983.<ref>Template:Cite news</ref> The New York Times reported in August 2013:
Since then, the government has started an investigation into the bank and is now planning to take over Grameen—a majority of whose shares are owned by its borrowers—and break it up into 19 regional lenders.<ref name="nytimes7" />
Vikas Bajaj wrote on 7 November 2013:
The government of Bangladesh has played its trump card in its long-running campaign against Grameen Bank and its founder Muhammad Yunus. Last week, legislators passed a law that effectively nationalizes the bank, which pioneered the idea of making small loans to poor women, by wresting control of it from the 8.4 million rural women that own a majority of its shares.<ref name="nytimes6">Template:Cite web</ref>
Legal cases and trials (2010–2024)
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.<ref name="New Age">Template:Cite news</ref>
Hasina launched a series of trials against Yunus.<ref name="ti19Sep2013">Template:Cite news</ref> The former put the latter on trial in 2010 and ultimately removed him from Grameen Bank,<ref name="dawn">Template:Cite news</ref> citing his age.<ref name="theguardian">Template:Cite news</ref> The 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<ref>Template:Cite web</ref> the allegations and he was found innocent by the Norwegian government.<ref name="thedailystar">Template:Cite news</ref> 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.<ref name="huffingtonpost">Template:Cite news</ref> The series of trials against Yunus<ref name="nytimes">Template:Cite web</ref> puzzled figures worldwide, from the 8.3 million underprivileged women served by Grameen Bank to U.S. President Barack Obama.<ref name="nytimes4">Template:Cite news</ref><ref name="cnn">Template:Cite news</ref>
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<ref>Template:Cite news</ref> 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".<ref>Template:Cite news</ref>
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.<ref>Template:Cite web</ref> Amnesty International declared Yunus's conviction a "blatant abuse" of the justice system.<ref>Template:Cite web</ref> The conviction was overturned on 7 August 2024 following an appeal.<ref>Template:Cite web</ref><ref>Template:Cite news</ref> He was acquitted in a graft case filed by the Anti-Corruption Commission (ACC) just four days after getting acquittal for the labour violations case.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
Political motivations behind the allegations
In December 2010, Grameen Bank was quickly cleared by the Norwegian government of all allegations surrounding misused or misappropriated funds.<ref name="Ahmed" /> Yet, in March 2011, the Bangladeshi government launched a three-month investigation of all Grameen Bank's activities.<ref name="Ahmed" /> This inquiry prevented Muhammad Yunus from participating in the World Economic Forum.<ref>Template:Cite web</ref>
In January 2011, Yunus appeared in court in a defamation case filed by a local politician from a minor left-leaning party in 2007, complaining about a statement that Yunus made to the AFP news agency, "Politicians in Bangladesh only work for power. There is no ideology here".<ref>Template:Cite web</ref> At the hearing, Yunus was granted bail and exempted from personal appearance at subsequent hearings.<ref name="bbc18Jan2011" />
These investigations fueled suspicion that many attacks might be politically motivated,<ref>Template:Cite news</ref> due to difficult relations between Sheikh Hasina and Yunus since early 2007, when Yunus created his own political party, an effort he dropped in May 2007.<ref name="aljazeera" /> 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.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>
Criticism over government privileges (2024–2025)
Following his appointment as chief adviser, Yunus faced criticism after several Grameen-affiliated institutions received government approvals and benefits. These included approval for Grameen University, tax waivers and a reduction in government shareholding in Grameen Bank, and licenses for manpower export and a digital wallet. The dismissal of labor law violation and money laundering cases against him during this period also raised concerns from some quarters regarding transparency and conflicts of interest.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
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Personal life
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Yunus identifies as a Muslim and has expressed the importance that salah and Ishq-e-Muhammadi holds to him in his personal life.<ref name="B2P"/> His father, Haji Muhammad Dula Mia Saudagar, completed Hajj three times and was a disciple of two prominent Sufis of Chittagong. Yunus continues to actively display a normative orthodox Sunnite theological creed, whilst rejecting superstition.<ref name=shab/> He encourages the public to engage in Dua directly to Allah,<ref>Template:Cite news</ref><ref>Template:Cite news</ref> whom Yunus publicly recognises as the supreme source of assistance and support,<ref>Template:Cite news</ref> and as the master of Divine Decree.<ref>Template:Cite news</ref> Yunus has also referred to the Qur'an as the "guide for mankind" and acknowledged the concept of ummah in his public speeches.<ref name=shab>Template:Cite news</ref>
In 1967, while Yunus attended Vanderbilt University, he met Vera Forostenko, a student of Russian literature at Vanderbilt University and daughter of Russian immigrants to Trenton, New Jersey, United States. They were married in 1970.<ref name=Hero/><ref name="B2P"/> Yunus's marriage with Vera ended within months of the birth of their baby girl, Monica Yunus, in 1977 in Chittagong,<ref>Template:Cite web</ref> as Vera returned to New Jersey claiming that Bangladesh was not a good place to raise a baby.<ref name=Hero/><ref name="B2P"/> Monica Yunus became an operatic soprano based in New York City.<ref name="myunus">Template:Cite web</ref> Yunus later married Afrozi Yunus in 1980, who was then a researcher in physics at Manchester University.<ref>Template:Cite book</ref><ref name="B2P"/> She was later appointed as a professor of physics at Jahangirnagar University. Their daughter Deena Afroz Yunus was born in 1986.<ref name="B2P" />
Yunus's brother Muhammad Ibrahim is a former professor of physics at the University of Dhaka and the founder of The Center for Mass Education in Science (CMES), which brings science education to adolescent girls in villages.<ref>Template:Cite web</ref> His other brother Muhammad Jahangir (d. 2019) was a television presenter and a social activist in Bangladesh.<ref>Template:Cite news</ref>
Awards and recognitions
Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for their efforts to create economic and social development:
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.<ref>Template:Cite web</ref> After receiving the news of the important award, Yunus announced that he would use part of his share of the $1.4 million (equivalent to $Template:Inflation million in Template:Inflation-year) award money to create a company to make low-cost, high-nutrition food for the poor; while the rest would go towards establishing the Yunus Science and Technology University in his home district as well as setting up an eye hospital for the poor in Bangladesh.<ref>Template:Cite news</ref>
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<ref>Template:Cite news</ref> as well as in his autobiography My Life.<ref>Template:Cite book</ref> 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."<ref>Template:Cite web</ref> 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."<ref>Template:Cite magazine</ref>
He is one of only seven persons to have won the Nobel Peace Prize, Presidential Medal of Freedom,<ref>Template:Cite web</ref> and the Congressional Gold Medal.<ref name="gpo.gov">Template:Cite web</ref> Other notable awards include the Ramon Magsaysay Award in 1984,<ref name=Ramon/> the World Food Prize,<ref>Template:Cite web</ref> the International Simon Bolivar Prize (1996),<ref>Template:Cite web</ref> the Prince of Asturias Award for Concord<ref>Template:Cite web</ref> and the Sydney Peace Prize in 1998,<ref>Template:Cite web</ref> and the Seoul Peace Prize in 2006. Additionally, Yunus has been awarded 71 honorary doctorate degrees from universities across 27 countries, and 113 international awards from 26 countries including state honours from 10 countries.<ref>Template:Cite web</ref><ref>Template:Cite news</ref><ref>Template:Cite web</ref> Bangladesh government brought out a commemorative stamp to honour his Nobel Award.<ref name="sydney">Template:Cite web</ref>
Yunus was named by Fortune Magazine in March 2012 as one of 12 greatest entrepreneurs of the current era.<ref>Template:Cite news</ref> In its citation, Fortune Magazine said "Yunus' idea inspired countless numbers of young people to devote themselves to social causes all over the world."<ref>Template:Cite news</ref>
In January 2008, Houston, Texas declared 14 January as "Muhammad Yunus Day".<ref>Template:Cite news</ref>
Yunus was named among the most desired thinkers the world should listen to by the FP 100 (world's most influential elite) in the December 2009 issue of Foreign Policy magazine.<ref>Template:Cite magazine</ref>
In 2010, the British magazine New Statesman listed Yunus at 40th in the list of "The World's 50 Most Influential Figures 2010".<ref name="htanna">Template:Cite magazine</ref>
Yunus received 72 honorary doctorate degrees from universities from Albania, Argentina, Australia, Bangladesh, Belgium, Bolivia, Brazil, Canada, Costa Rica, China, Greece, India, Italy, Ireland, Japan, Korea, Lebanon, Malaysia, Mexico, Peru, Russia, South Africa, Spain, Thailand, Turkey, the United Kingdom, and the United States.<ref>Template:Cite web</ref> United Nations Secretary-General Ban Ki-moon invited Yunus to serve as an MDG Advocate. Yunus sits on the Board of United Nations Foundation, Schwab Foundation, Prince Albert II of Monaco Foundation, Grameen Credit Agricole Microcredit Foundation. He has been a member of Fondation Chirac's honour committee,<ref>Template:Cite web</ref> ever since the foundation was launched in 2008 by former French president Jacques Chirac in order to promote world peace.<ref>Template:Cite news</ref>
Yunus has become a well-known international figure. He has delivered numerous lectures around the world,<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite journal</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref> and has appeared on popular television shows, including The Daily Show with Jon Stewart and The Oprah Winfrey Show in 2006, The Colbert Report in 2008, Real Time with Bill Maher in 2009 and The Simpsons in 2010.<ref>Template:Cite web</ref> On Google+, Yunus was one of the most followed people worldwide, with over two million followers until Google closed its operations in 2019.<ref>Template:Cite web</ref>
He has played a key advisory role in the Paris 2024 Olympics, promoting social business principles and encouraging sustainable, socially responsible projects. His influence led to initiatives like prioritizing social businesses in public tenders and integrating social housing into the athletes' village redevelopment.<ref>Template:Cite news</ref>
Works
Publications
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- Yunus, Muhammad, Moingeon, Bertrand and Laurence Lehmann-Ortega (2010), "Building Social Business Models: Lessons from the Grameen Experience", April–June, vol 43, number 2–3, Long Range Planning, pp. 308–325<ref>Template:Cite journal</ref>
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Documentaries
- 2000 – Sixteen Decisions<ref>Template:Cite web</ref>
- 2010 – To Catch a Dollar<ref>Template:Cite web</ref>
- 2011 – Bonsai People – The Vision of Muhammad Yunus directed by Holly Mosher<ref>Template:Cite web</ref>
See also
- Yunus Centre
- Yunus Social Business
- List of chief advisers of Bangladesh
- List of Nobel Peace Prize laureates
References
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Further reading
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