After 15 years of rule and then the recent resignation of former Prime Minister Sheikh Hasina, Nobel Peace Prize-winning economist Muhammad Yunus is going to lead the country’s transitional Government. Sheikh Hasina has already fled the violent nation. Press Secretary for Bangladesh President Joynal Abedin made the announcement in this regard. 

Declaring that Hasina’s actions pose a threat to democracy, Yunus has openly condemned the violence. He never wanted to be involved in politics. His areas of focus have always been poverty alleviation and social justice, to which he has contributed significantly over the years.  

Student group leaders suggested his name, despite Ms. Hasina seeing him as one of her biggest competitors. After discussing it with leaders of political parties, businesses, civil society organizations, and military chiefs, President Mohammed Shahabuddin approved it. 

Who is Muhammad Yunus? 

In 2006, Yunus received the Nobel Peace Prize for his microfinance program, which helped thousands of Bangladeshis escape abject poverty. 

The 84-year-old was born in Chittagong, Bangladesh, in 1940. Prior to attending Chittagong Collegiate School, he attended Lambazar Primary School. Yunus participated in Boy Scouting during his school years and visited several nations, including the US, Europe, Pakistan, India, and many others. 

Following his time at Dhaka University, he was awarded a scholarship to study in the United States at Vanderbilt University, where he earned his PhD in economics in 1969. After that, he started a career in academia as a Middle Tennessee State University professor. 

Banker to the Poor  

Around the same time when he was teaching economics at Chittagong University in 1970s, he became more aware of the acute money crunch surrounding him. He started with small loans in 1976 lending out $27 to 42 members of underprivileged villagers whom he assisted to finance supplies of bamboo stools, among others.  
 
Yunus put his plan into practice in 1983 when he started the Grameen Bank which means ‘village bank ‘in Bangla. The Grameen Bank was created to offer microcredit – small amounts of money given without asking for collateral – to the poor who are often locked out of the financial system. Thus, he’s also known as Banker to the Poorest of Poor. 

After Sheikh Hasina resigned as the Prime Minister of Bangladesh because of the political crisis in the country, Muhammad Yunus is slated to take the position of acting Prime Minister of Bangladesh. Although Yunus has never been involved in official politics, his acceptance of the role as the caretaker leader of the country just to improve the living standard of the people, shows his commitment towards social justice. 

While Yunus may be identified today with microfinance and the Grameen Bank, poverty remains a focus of his ongoing cause. He also offers hope for stability and advancement for Bangladesh during this tumultuous period of transition in his country.