Muhammad Yunus, the Nobel Peace Prize winner of 2006, has been appointed as the chief adviser to Bangladesh’s interim government. This role was given to him after Prime Minister Sheikh Hasina resigned. Her resignation came as a response to growing protests in the country.

Announcement by the Army Chief
The announcement of Yunus’s appointment was made by Army Chief Waker-uz-Zaman. This decision is connected to widespread unrest in Bangladesh, specifically related to disputes over government job quotas. The army’s involvement indicates the seriousness of the situation and the need for a respected figure like Yunus to step in.

Who is Muhammad Yunus?

Early Life and Education
Muhammad Yunus was born in 1940 in Chittagong, Bangladesh. He is a well-respected economist with a PhD from Vanderbilt University in the United States. After Bangladesh gained independence, he returned to his home country and became the head of the economics department at Chittagong University.

Microcredit Pioneer
Yunus is famous for creating the concept of microcredit. Microcredit involves giving small loans to poor people who don’t have access to traditional banks. These loans don’t require any collateral, meaning borrowers don’t have to offer something valuable as a guarantee to get the loan.

The Birth of Grameen Bank

Foundation and Impact
In 1983, Yunus founded Grameen Bank, which became a leader in microfinance. The bank has given out over $34 billion in loans to nearly 10 million people. Remarkably, 97% of these loans have been repaid. The success of Grameen Bank has inspired similar models all over the world.

Nobel Peace Prize
Yunus and Grameen Bank received the Nobel Peace Prize for their efforts in promoting economic and social development through microcredit. This recognition highlighted the significant impact of their work in improving the lives of poor people by providing them with financial opportunities.