Mohammed Yunus, a 2006 Nobel Prize winner for championing microcredit and the founder of Grameen Bank, a microfinance institution (MFI) located in Bangladesh, recently was reported to have said that the dearth of microcredit laws in many African countries is preventing access to loans for millions of the continent’s poor people.
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MICROCAPITAL BRIEF: Mohammed Yunus, Founder of Grameen Bank, Calls for Standardized Interest Rate for Microfinance Institutions (MFIs) and Strict Definition of “Microcredit” in Bangladesh
Mohammed Yunus, the founder of Grameen Bank, a microfinance institution (MFI) located in Bangladesh, recently was reported to have said that the Microcredit Regulatory Authority (MRA), Bangladesh’s primary regulator over the microfinance activities of all non-governmental organization (NGO) microfinance institutions (MFIs), should introduce a standardized maximum interest rate that can be charged by MFIs.
MICROFINANCE PAPER WRAP-UP: “Building Social Business Models: Lesson from the Grameen Experience” by Muhammad Yunus, Bertrand Moingeon, and Laurence Lehmann-Ortega.
Written by Muhammad Yunus, Bertrand Moingeon, and Laurence Lehmann-Ortega. HEC International Business School. Paris. February 2009. 27 pages. Working Paper – 913. http://www.microfinancegateway.org/gm/document-1.9.39135/Building%20Social%20Business%20Models.pdf
The authors show, according to data from the World Bank, that 1.4 billion people in the world were living below the poverty line of $1.25 in 2005. Though the Millennium Development Goals aspire to meet certain objectives by 2015, it is estimated that in 2015, one billion people will still be living in absolute poverty. The authors, thus, conclude that governments, NPOs, multilateral institutions, and existing for-profit companies are insufficient to solve issues of poverty. Governments tend to be inefficient and prone to corruption, NPOs are highly dependent on donations for funding, multilateral institutions have not made a sufficient impact on poverty alleviation, and for-profit companies that claim to exhibit corporate social responsibility (CSR) will always prioritize financial profit over all else. Therefore, the authors justify the need for “social businesses” that integrate aspects of both profit-maximizing companies and socially-motivated NPOs.
NEWS WIRE: United States: The Times of London Says Yunus Fails to Spread Wealth Through Microfinance
Source: The Sunday Times.
NEWS WIRE: United States: Time Magazine Publishes Answers to Ten Questions by Muhammad Yunus
Source: Time.
NEWS WIRE: Thailand: Yunus Centre at the Asian Institute of Technology to Focus on Non-conventional Ways to Address Poverty
Source: Channel NewsAsia.
NEWS WIRE: United States: At International Finance Corporation, Muhammad Yunus Argues Crisis Is Opportunity to Reform Financial System
Source: World Bank Crisis Talk Blog.
MICROFINANCE EVENT: Muhammad Yunus and Bill Clinton will be Keynote Speakers at Second Annual Georgetown Global Forum
Second Annual Global Forum to Examine Development in the Midst of Economic Downturn
April 17, 2009, Grand Hyatt New York, 109 East 42nd Street at Grand Central Terminal, New York, NY
MICROCAPITAL STORY: Muhammad Yunus Warns of the Dangers of Foreign Currency at Sa-Dahn Microfinance Conference
Muhammad Yunus, the Nobel Laureate who made microfinance a success in Bangladesh, has warned of the pitfalls for microfinance institutions relying on foreign money. The comments, reported by The Hindu Business Line, came at the recent Sa-Dahn National Microfinance Conference 2009 in New Delhi, India.
MICROCAPITAL STORY: Microfinance to be Featured on the Big Screen: Dr. Mohammad Yunus’ autobiography ‘Banker to the Poor’ to be Adapted into an English Feature Film
‘Banker to the Poor’, the autobiography of Nobel laureate Mohammad Yunus is being adapted to an English language feature film. According to a press release on Variety.com, the film will be developed by Marco Amenta, an Italian director, photographer and producer and is scheduled to begin shoot early 2010 in Bangladesh, the country where Dr. Yunus founded the Nobel Peace Prize winning microfinance institution (MFI) Grameen Bank. Rome-based production house, Eurofilm has purchased rights to the book from Editions Lattes, the publisher of the French version of Dr. Yunus’ book. According to the release, Eurofilm is in advanced negotiations to co-produce the movie with international partners including the German based Pandora’s Film. Dr. Yunus will serve as a consultant and will be involved with the approval of the final screenplay of the film.
MICROFINANCE EVENT: The Microcredit Summit Campaign Hosts a Series of Events in the United States with Muhammad Yunus and Ingrid Munro
A CONVERSATION WITH PROFESSOR MUHAMMAD YUNUS
JANUARY 26, 2009, 383 MADISON AVENUE, NEW YORK CITY
J.P. Morgan will host a Microcredit Summit Campaign event with Muhammad Yunus, Nobel Peace Prize Laureate and founder of the Grameen Bank in Bangladesh, January 26 in New York City. Also in attendance will be Ingrid Munro, Founder of Kenyan microfinance organization Jamii Bora. The invitation for the event says that “Sam Daley-Harris, Founder and Director of the Microcredit Summit Campaign, and Professor Yunus will make an exciting announcement about the Campaign’s goals.” The announcement will pertain to the Campaign’s original goal of reaching 100 million of the world’s poorest families with credit. It will be accompanied by a conversation on the future of microfinance. Also on January 26, the State of the Microcredit Summit Campaign Report 2009 will be released, and will be available on the Campaign website.
MICROCAPITAL EVENT: Dr. Muhammad Yunus Speaks at George Washington University in Washington, D.C. on February 4
GEORGE WASHINGTON UNIVERSITY, LISNER AUDITORIUM
NEWS WIRE: Muhammad Yunus on the Financial Crisis: The microfinance pioneer, of Bangladesh’s Grameen Bank, advocates a free market solution, not government takeovers
Source: Business Week.
MICROCAPITAL SPECIAL FEATURE: Mohammad Yunus and Michael Chu Debate Profiting from Poor People at the Worldwide Microfinance Forum
“Is it fair to do business with the poor?”
Mr Mohammad Yunus and Mr Michael Chu debated whether commercial finance should make a profit from doing business with the poor in the plenary debate at the World Microfinance Forum, October 1 – 2, 2008, in Geneva.
NEWS WIRE: Mexico: Carlos Slim, Muhammad Yunus take Grameen Bank to Mexico
Source: The Earth Times.
PRESS RELEASE: Former President Clinton, Muhammad Yunus to Speak on Closing Day of Clinton Global Initiative Annual Meeting
Source: Clinton Global Initiative.
NEW YORK, September 25 – Friday’s sessions are to feature Wangari Muta Maathai, Rick Warren, Muhammad Yunus and former Prime Minister Tony Blair, among others.
NEWS WIRE: India: Yunus Says: Give 20% of Grameenphone IPO Shares to Microfinance Borrowers
Source: The Economic Times.
MICROCAPITAL STORY: Nobel Laureate Muhammad Yunus Speaks Out Against For-Profit Microfinance from Asia-Pacific Microcredit Summit
Muhammad Yunus, the microfinance pioneer and winner of the Nobel Prize for founding the Grameen Bank, spoke out against the growing trend of commercial microfinance. In an interview with CNNMoney.Com, Yunus chastised those involved with for-profit microfinance by saying that “poor people should not be considered an opportunity to make yourself rich.” These remarks come at the start of the Asia-Pacific Regional Microcredit Summit 2008 in Bali Indonesia.