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Grameen Bank. Micro-credit loans are based on the concept that the poor have skills that are under-utilized and, with incentive, they can earn more money. A group-based credit approach is applied to use peer-pressure within a group to ensure the borrowers follow through and conduct their financial affairs with discipline, ensuring repayment and allowing the borrowers to develop good credit standing. The bank also accepts deposits, provides other services, and runs several development-oriented businesses including fabric, telephone and energy companies. The bank's credit policy to support under-served populations has led to the overwhelming majority (96%) of its borrowers being women. Grameen Bank originated in 1976, in the work of Professor Muhammad Yunus, professor at University of Chittagong, who launched a research project to study how to design a credit delivery system to provide banking services to the rural poor.
History[edit] Nobel Laureate Muhammad Yunus, the bank's founder Honours[edit] Muhammad Yunus. Muhammad Yunus (Bengali: মুহাম্মদ ইউনূস; born 28 June 1940) is a Bangladeshi social entrepreneur, banker, economist and civil society leader who was awarded the Nobel Peace Prize for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance. These loans are given to entrepreneurs too poor to qualify for traditional bank loans. In 2006, Yunus and the Grameen Bank were jointly awarded the Nobel Peace Prize "for their efforts through microcredit to create economic and social development from below".
The Norwegian Nobel Committee noted that "lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty" and that "across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development".[2] Yunus has received several other national and international honours. Early life and education[edit] Early years[edit] After graduation[edit] Early career[edit] A Big Split Over Microfinance - Forbes.com.
Hyden, G. and B. Karlstrom (1993), Structural Adjustment as a Po.