Muhammad Yunus
Yunus Centre, Grameen Bank, Nobel Peace Laureate, Chittagong, Bangladesh
Breaking the Wall of Poverty. How Social Business Allows a Future for Human Kind, That Is Sustainable And Joyful.
“Poverty in the world is an artificial creation. It does not belong to the human civilization.”
It all started with 27 Dollars. This was the amount of money Muhammad Yunus, professor at Chittagong University, lent to 42 poor villagers in Jobra, Bangladesh so they could repay their debt to local money
lenders and start small businesses. The small experiment had a large effect. The money was paid back. New loans soon followed. Life in Jobra changed. Inspired by this experience, Yunus founded the Grameen Bank to provide access to capital for the poorest in Bangladesh. The Grameen Bank, as a social business, became a great success and enabled a great number of people to get out of poverty. The microfinance business model soon spread from Bangladesh around the world. The Grameen Trust has supported other organisations to replicate their model. Apart from access to capital, the poor need many other services to work their way out of poverty: health and education, clean water, good food and access to electricity, among others. Grameen has constantly been devising new social business solutions dedicated to address these issues. Grameen has also created an entirely new business model that contrasts strongly with traditional profit-maximizing models. It is known as “Grameen Social Business”. This new model utilizes traditional business know-how in combination with the goal to solve a critical social issue. In other words, instead of being self-focused the Grameen Social Business is all about others. Yunus has already proven the effectiveness of this new type of business: a clear focus on eradicating extreme poverty combined with a condition of economic sustainability has created numerous models with incredible growth potential. For his efforts to end the economic and social struggle of millions, Yunus has been awarded the Nobel Peace Prize in 2006.
