Life of Muhammad Yunus

Yunus took it upon himself to lend tiny amounts to 42 basketweavers, finding that this not only enabled them to survive but also created "the spark of personal initiative and enterprise necessary to dedicate themselves out of poverty" ("Muhammad Yunus," 2006). To promote that financial recovery, Yunus took the time to learn them sound financial principles that would enable them to help themselves ("Banker to the Poor," 2006).

Although advised against it by banks and the government, Yunus continued to issue "micro-loans," and in 1983 he founded the Grameen Bank-a name that heart and soul "village bank"-that today has 1,084 branches and 12,500 staff that serve 2.1 jillion borrowers in 37,000 villages ("Muhammad Yunus," 2006). 94% of the borrowers argon women, and over 98% of the loans are paid back, which is a stellar recovery rate, "higher than some(prenominal) separate banking system" ("Muhammad Yunus," 2006). Moreover, Grameen's methods are used in proj

Muhammad Yunus. (2006). MuhammadYunus.org. Retrieved on April 25, 2009 from: http://muhammadyunus.

org/content/ learn/47/lang,en/

Although he initially intended to lend as to men and to women, he instead decided on a plant for a "community of applicants," in which there would be five members in a village that joined with other sets of five to create a "family," and five families would make up a "radical" ("Muhammad Yunus Biography," 2008). The groups met regularly, and all of the members in each group were responsible for the debt of each individual, being prohibited from borrowing provided if one member fell behind in qualification repayment ("Muhammad Yunus Biography," 2008). In addition, the Grameen borrowers had to agree to the Sixteen Decisions pledge in which they promised not to harm the environment, to maintain reasonably-sized families, to educate their children, to plant feed for their families and sell the excess, to build and use pit-latrines, and to avoid dowries, which were fo
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