Muhammad Yunus Summary

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I have chosen the autobiography of Muhammad Yunus which is named “Banker to the Poor” written by Muhammad Yunus himself and Alan Jolis as the focus my book report which focused on economics and poverty. The book was published by PublicAffairs in 1999 with 288 pages in paperback. Muhammad Yunus is a social entrepreneur, banker, economist and a professor of economics at the University of Chittagong. He is the founder of Grameen Bank and was awarded with Nobel Peace Prize in 2006 for creating a bank that helps the villagers in Bangladesh through microfinancing small businesses to alleviate poverty from the villagers of Bangladesh. I chose to read this book because he is very inspiring and he made a huge impact to the lives of the villagers in…show more content…
His mother came from a family of minor merchants and traders who bought and sold good from Burma. His mother always wore bright colored sari with a gold band around the hem and always sing and story tell about the tragic tale of the Karbala. She was the disciplinarian of their family and was the strongest influence on Muhammad Yunus. Her mother was full of compassion and kindness that she always put money away for any poor relatives who would visit from distant villages.It was her who helped Muhammad discover his interest in economics and social reform which developed from his concern for the poor and disadvantaged. Muhammad has 9 siblings and Salam who is 3 years older than him was his closest sibling. They attended the nearby school which is the Lamar Bazaar Free Primary School in where they have inculcated good values in the children. Salam and Muhammad read any books and magazines that they could get and detective thrillers where his…show more content…
The micro-credit model of Grameen Bank has proved its versatility and adapted well to the customs of many countries.As Grameen Bank grew, it also created new projects to help the poor achieve a sustainable life. Grameen has bought 783 ponds to start a Fisheries Foundation to utilize previously unused resources and to provide jobs for the local poor. The Grameen Uddog which means Grameen Initiatives commenced in 1993 which induced a way for poor textile weavers in Bangladesh to sell their good quality cloth in the garment industry. Then they created a cellphone business that was the following to open up in 1997. One Grameen borrower in each rural Bangladesh village was entrusted with a cell phone and the job of selling telephone service to her neighbors. The Grameen Phone is the designation of the nonprofit company that deals directly with the villagers. This company, in turn, buys airtime from a for profit company called Grameen Telecom. Grameen also composed a nonprofit company called Grameen Shakti which denotes energy in 1996 to provide renewable energy sources. Also in 1996, an Internet provider called Grameen Cybernet was introduced to the public for further inculcation and research purposes in Bangladesh then a

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