Yunus, who is set to become the 32nd Nobel laureate to head the state, has long been a critic of the former prime minister. Sheikh HasinaWho resigned on August 5 in the face of mass protests. uprising against detention He fled to India. Its government ordered the Central Bank of Bangladesh to remove him from his post as managing director. Grameen Bank In 2011, Younis was sentenced to six months in prison last January for violating labor laws. In June, a court charged him and 13 others in another case involving the embezzlement of $2 million from a workers’ welfare fund at a telecom company he founded.
Yunus founded Grameen Bank in 1983, believing that credit was a basic human right. His goal was to help the poor escape poverty by providing loans on favorable terms and teaching them sound financial principles so they could help themselves. From the personal loans Yunus provided to hundreds of poor basket weavers in Bangladesh in the mid-1970s, Grameen Bank became the model for a global movement to eradicate poverty through microcredit.
Organizations like Grameen Bank now operate in more than 100 countries around the world. Yunus was born in Chittagong, was a student at Dhaka University and a Fulbright Scholar to study economics at Vanderbilt University. He received his Ph.D. in 1969 and became an assistant professor the following year. He returned to Bangladesh, where he headed the economics department at Chittagong University.
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