Innovator in economics. Bangladesh
Nobel Laureate Professor Muhammad Yunus is the father of both social business and microcredit, the founder of Grameen Bank, and of more than 50 other companies in Bangladesh. For his constant innovation and enterprise, the Fortune Magazine named Professor Yunus in March 2012 as “one of the greatest entrepreneurs of our time.” In 2006, Professor Yunus and Grameen Bank were jointly awarded Nobel Peace Prize.
In 1976, Professor Yunus started to experiment with providing collateral free loans to the poor. The project was called Grameen Bank Project and later, in 1983, became a full-fledged bank for providing loans to the poor, mostly women, in rural Bangladesh. Today Grameen Bank has over 8.4 million borrowers, 97% of whom are women and disburses over one and a half billion US dollars each year.
In 2006, Professor Yunus and Grameen Bank were jointly awarded the Nobel Peace Prize.