In Bangladesh, 3.7 million people have reportedly signed a petition urging the prime minister of Bangladesh to allow Dr Yunus to continue as the head of Grameen Bank. The event, organized by “The Citizens’ Committee to Protect the Honour of Nobel Laureate Professor Yunus,” was held after the Bangladesh High Court upheld the argument of the government of Bangladesh invalidating the original appointment of Dr Yunus as the managing director of Grameen Bank.
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MICROCAPITAL BRIEF: Grameen Foundation Founder Alex Counts Expresses Concern Over Removal of Dr Muhammad Yunus as Managing Director of Microfinance Institution (MFI) Grameen Bank
Founder and chief executive officer Alex Counts of the Grameen Foundation, a US-based nonprofit, recently expressed his concern in an open letter over the removal of Dr Muhammad Yunus as managing director of Grameen Bank, a Bangladeshi microfinance institution (MFI) that manages total assets of USD 1.4 billion [1].
MICROCAPITAL BRIEF: Dr Muhammad Yunus Says Borrowers’ Control of Microfinance Institution Grameen Bank is Key to Success
In an email exchange with US-based newspaper The Wall Street Journal, Grameen Bank founder and Nobel Peace Prize winner Dr Muhammad Yunus has been asked for his thoughts on efforts by the Bangladesh Bank (BB), the central bank of Bangladesh, to remove him from his position as managing director of Grameen Bank [1] [2] [3].
MICROCAPITAL BRIEF: Dr Muhammad Yunus Appeals Bangladesh High Court Decision Upholding His Removal as Managing Director of Microfinance Institution (MFI) Grameen Bank
Grameen Bank Founder and Nobel Peace Prize Winner Dr Muhammad Yunus has appealed against the Bangladesh High Court’s recent ruling in favor of an attempt by the Bangladesh Bank (BB), the central bank of Bangladesh, to remove Dr Yunus from his position as managing director of Grameen Bank. [1] [2]. The Grameen Bank is a Bangladeshi microfinance institution (MFI) that manages total assets of USD 1.4 billion.
MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Updates Review of Yunus’s Classification of Interest Rates, Argues Against Interest Rate Caps
The US-based nonprofit data provider Microfinance Information Exchange (MIX) recently published an updated review of the methodology for categorizing microcredit interest rates proposed by Nobel laureate Dr Muhammad Yunus in his book “Creating a World Without Poverty”. The review, which uses 2009 data from approximately 1,020 microfinance institutions (MFIs) covering approximately 88 million borrowers, updates the findings of the previous review presented by MIX that uses 2008 data.
MICROCAPITAL BRIEF: Crowd of 20,000 Protests Bangladesh Bank Attempts to Remove Dr Yunus as Managing Director of Microfinance Institution (MFI) Grameen Bank, US Secretary of State Clinton Among Those Offering Support
An estimated 20,000 employees and customers of Grameen Bank, a Bangladeshi microfinance institution (MFI) that manages total assets of USD 1.4 billion, convened in protest against the move of Bangladesh Bank, the central bank of Bangladesh, to dismiss Nobel laureate Dr Muhammad Yunus as managing director of the MFI [1].
MICROCAPITAL BRIEF: Bangladeshi Court Confirms Central Bank Decision to Remove Dr Yunus as Managing Director of Microfinance Institution (MFI) Grameen Bank
The Bangladesh High Court ruled on March 8, 2011, in favor of the effort by Bangladesh Bank, the central bank of Bangladesh, to remove Nobel laureate Dr Muhammad Yunus from his position as managing director of Grameen Bank, a Bangladeshi microfinance institution (MFI) that manages total assets of USD 1.4 billion as of 2009.
MICROCAPITAL BRIEF: Yunus Continues as Grameen Bank Managing Director after Bangladesh Bank Asks Him to Step Down
Bangladesh Bank, the central bank of Bangladesh, has reportedly attempted to remove Nobel laureate Dr Muhammad Yunus from his position as managing director of Grameen Bank, a microfinance institution (MFI) based in Bangladesh in which the government holds a 25-percent stake.
MICROCAPITAL BRIEF: Bangladeshi Government Asks Yunus to Step Down as Director of Grameen Bank
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].
MICROCAPITAL BRIEF: Founder of Grameen Bank and Nobel Peace Prize Winner Dr Muhammad Yunus Speaks Out Against the Commercialization of Microfinance Institutions (MFIs)
Dr Muhammad Yunus, founder of Grameen Bank and winner of the Nobel Peace Prize for his work in microcredit, has again spoken out against the commercialization of microfinance institutions (MFIs) and their deviation from the mission of poverty alleviation.
MICROCAPITAL BRIEF: Dr Muhammad Yunus, Founder of Grameen Bank and Winner of Nobel Peace Prize for Work in Microfinance, Cleared of Allegations of Illegal Money Transfer to Grameen Kalyan
Grameen Bank founder and 2006 Nobel Peace Prize Winner, Dr Muhammad Yunus, who had been accused of ‘siphoning’ approximately USD 100 million from Grameen Bank to its affiliated health insurer Grameen Kalyan, has reportedly been cleared of any allegations of mishandling funds by the Norwegian Ministry of Affairs.
MICROCAPITAL BRIEF: Dr Muhammed Yunus, Winner of Nobel Prize for Work in Microfinance, Accused of Improperly Transferring $100m from Grameen Bank to Insurer Grameen Kalyan
Bdnews24.com, a web-based Bangladeshi newspaper, reports that Muhammed Yunus, the founder of microfinance institution (MFI) Grameen Bank of Bangladesh and a 2006 Nobel Prize winner for championing microcredit, has been accused of secretly transferring approximately USD 100 million in 1996 to Grameen Kalyan, a sister company of Grameen Bank that offers affordable health insurance to Grameen members and their families but does not engage in microlending.
MICROCAPITAL BRIEF: Muhammad Yunus and Vikram Akula Debate Microfinance Models at Annual Meeting of Clinton Global Initiative (CGI)
At the annual meeting of the Clinton Global Initiative, a forum on international development founded in 2005 by former US President Bill Clinton, Nobel laureate Muhammad Yunus and Vikram Akula, founder of Indian SKS Microfinance, which recently went public, discussed different models for microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Muhammad Yunus, Nobel Laureate and Founder of Microfinance Institution Grameen Bank, Promotes Social Business Fund Concept for Haiti
Mr Muhammad Yunus, Nobel Laureate recipient and founder of Grameen Bank, a Bangladeshi microfinance institution which popularized the concept of community lending, promoted a “social business funding” concept to address social problems in Haiti at a recent speaking engagement in Miami, Florida, USA.
MICROCAPITAL BRIEF: John Cookson of Big Think Argues Socially Responsible, Profit-Maximizing Microfinance Are Mutually Exclusive; Cites Muhammad Yunus’ Appearance on “The Simpsons” as Proof of Mainstreaming
John Cookson, a writer for an online “forum for connecting people and ideas,” Big Think, recently wrote a blog entry entitled “Microfinance: For Community or for Gain?” which questions the present-day motives of microfinance institutions (MFIs) quoting Jonathan Morduch, Professor of Public Policy and Economics at the New York University Wagner Graduate School of Public Service.
MICROCAPITAL BRIEF: Nonprofit Microfinance Organization Grameen America Opens New Branch in New York Under Supervision of Muhammad Yunus
Grameen America, a non-profit microfinance organization founded by Dr. Muhammad Yunus, recently held the grand opening of a new Manhattan, New York, branch [1]. This grand opening brings the total number of branches of Grameen America to four, with branches in Queens and Brooklyn, New York, and a third in Omaha, Nebraska. The ceremony took place at City College of New York and was hosted by the Colin Powell Center for Policy Studies. The event featured previous Grameen America borrowers who had used their loans develop retail and culinary businesses [2].
MICROCAPITAL BRIEF: Mohammad Yunus, Founder of Grameen Bank, Calls Out Loan Shark Organizations
In an interview with Vikash Humar, Editor in Chief of Microfinance Focus, Mohammad Yunus, founder of Grameen Bank, blasted profit-seeking microfinance institutions (MFIs). He likened these institutions, which he defined as those who charge more than 15 percent plus the cost of funds, to the loan sharks that necessitated the foundation Grameen. While reluctant to name names, Mr Yunus offered Compartamos Banco, a Mexican microfinance bank founded in 1990, as an example of one of these firms. Mr Yunus additionally spoke out against IPOs by MFIs, such as Compartamos Banco and SKS Microfinance, a microfinance institution (MFI), launched in 1998, which caters to women clients in India.
MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) and CGAP (Consultative Group to Assist the Poor) Criticize Muhammad Yunus’ Method of Judging Microfinance Institutions’ (MFIs’) Interest Rates
Microfinance Information Exchange (MIX) Lead Researcher, Mr Adrian Gonzalez, has published a report on MIX titled, “Analyzing Microcredit Interest Rates: A Review of the Methodology Proposed by Mohammed Yunus.”