Muhammad Yunus

Muhammad Yunus (born 28 June 1940) is a Bangladeshi economist and social entrepreneur who won the 2006 Nobel Peace Prize for pioneering the concept of microfinance and microcredit. He founded the Grameen Bank, which provides small loans to impoverished people without requiring collateral. He currently serves as the Chief Adviser of Bangladesh's interim government (since August 2024). Born in Chittagong, Yunus studied at Vanderbilt University in the United States, earning a PhD in economics. He returned to Bangladesh and, while teaching at the University of Chittagong, began lending small amounts of money to impoverished villagers, particularly women, in the nearby village of Jobra in 1976. This experiment led to the founding of Grameen Bank in 1983, which revolutionized banking for the poor. The bank has disbursed over $30 billion in loans to more than 10 million borrowers, with a repayment rate of over 97%. The microfinance model has been replicated in over 100 countries worldwide. In August 2024, following the student-led revolution that ousted Sheikh Hasina, Yunus was appointed Chief Adviser of Bangladesh's interim government. At age 84, he took on the challenge of leading the country through a democratic transition, focusing on institutional reforms, accountability, and preparing for new elections.