Man of action

Grameen Bank, America, was introduced to New York in 2008, and
continues to flourish, reports Sheeba Singh from Ottawa

BY challenging your creativity and ability in the world — through social business — we can eliminate poverty. We should create poverty museums for the future generations. Because soon, there will be no poor people left," says Muhammad Yunus, founder and managing director of Grameen Bank, who was awarded an honorary doctorate by Carleton University on September 1.

In an informal chat with this writer after the award ceremony, Muhammad Yunus says it is the system which is to be blamed, as it looks at the world through a money-making lens, for creating poverty. He adds banks have no reason to reject people, and turn them away from loans. Grameen America was introduced to New York in 2008, and continues to flourish. "I wish they (the big banks) asked me who is credit worthy," Yunus says.

Grameen Bank accounts for the selfless population, calling it "social business." This kind does not focus on maximising returns, but the problem it intends to solve. For example, yogurt developed by one business house, enriched with the essential nutrients, is provided to families with malnourished children at affordable prices to improve their health. The company’s goal is to benefit the children and recover its costs so that owners can retrieve their investment.

Seats filled with an eager audience, listened intently as the ceremony began. Commencing with the National Anthem, followed by an introduction from the university’s president, the Chancellor officiated the ceremony as Yunus was honoured. "On merit," according to the university’s president, "that was long overdue. This honour was well deserved." The winner of the Nobel Peace Prize, author, economist and social entrepreneur resonated inspiration simply by walking on to the stage of Kailash Mittal theatre of the university.

Of course, the ceremony could not be compared to the words recited by Muhammad Yunus himself. Dressed in a kurta-pyjama and white vest, he jested with the august audience: "Thank you so much for the honour. I am speechless`85 and that’s all."

A man of action, Muhammad Yunus took his skill in economics into the field and began researching the loan system of the village around the campus, where he taught in Bangladesh around 1974. With students by his side, he was able to learn after speaking to around 50 persons that the total amount loaned to them was a mere $27. This he took upon himself to return to the bank on their behalf, and then began something of a miracle. "Just $ 27 made me an angel in the eyes of the people. That made me think; with another $ 27, I could become a super angel," Muhammad Yunus laughed.

By 1983, after dealing with various banks, Yunus created a bank owned by borrowers — an idea, considered "absurd" by many. Indeed, Muhammad Yunus is a man of true passion, good heart and sturdy handshake.

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