The finance minister of Bangladesh, Mr Ama Muhith, reportedly said that the government has asked Nobel laureate Dr Muhammad Yunus of Grameen Bank, a microfinance institution (MFI) based in Bangladesh, to transfer his authority as director of the MFI to the deputy director on the grounds that, at age 70, Dr Yunus’ age exceeds the retirement age limit by five years [1]. According to the source, Dr Yunus has so far not commented on the government’s request that he step down. Furthermore, the Bangladeshi government is anticipating the release of a report from a review committee that was set up to investigate allegations of “financial irregularities” at Grameen [2].
By: Jacqueline Foelster, Research Associate
About Grameen Bank: Grameen Bank is a Bangladeshi microfinance institution that provides collateral-free loans to poor entrepreneurs in rural areas. It was founded in the late 1970’s by Muhammad Yunus, who, along with Grameen Bank, won the 2006 Nobel Peace Prize for his work in developing the concept of microfinance. As of February 2010, Grameen reports 8 million borrowers, 97 percent of whom are women. With 2,563 branches, Grameen Bank provides services through its 81,343 villages. Grameen Bank has the equivalent of USD 1.4 billion in assets as of 2009 as indicated on the Microfinance Information Exchange (MIX), the US-based microfinance data provider.
Sources and Resources:
[1] Telegraph.co.uk, February 15, 2011, “Bangladeshi Leaders Decide Nobel Financier Mohammad Yunus Must Go”, http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8321512/Bangladeshi-leaders-decide-Nobel-financier-Mohammad-Yunus-must-go.html
[2] MicroCapital.org Article, December 24, 2010, “Bangladesh Government to Investigate Allegations of ‘Financial Irregularities’ Against Microfinance Institution (MFI) Grameen Bank”, https://www.microcapital.org/microfinance-brief-bangladesh-government-to-investigate-allegations-of-%E2%80%9Cfinancial-irregularities%E2%80%9D-against-microfinance-institution-mfi-grameen-bank/
MicroCapital.org Article, October 13, 2006, “Open the Capital Flood Gates: Mohammed Yunus of the Grameen Bank Wins Nobel Peace Prize”, https://www.microcapital.org/open-the-capital-flood-gates-mohammed-yunus-of-the-grameen-bank-wins-nobel-peace-prize/
MicroCapital Universe Profile: Grameen Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Bank
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