Context: Muhammad Yunus was convicted of violating Bangladesh’s labour laws and sentenced to 6 months in jail.

• The Third Court of Dhaka  found Yunus’ company, Grameen Telecom, which he founded as a non-profit, guilty of violating labour laws.

Who Is Muhammad Yunus?

Muhammad Yunus, also known as ‘Banker to the Poor’ is a prominent figure known for his contributions to ‘Social Entrepreneurship and Microfinancing.’

• Nobel Laureate and Social Entrepreneur: He received the Nobel Peace Prize in 2006 for founding Grameen Bank and pioneering microcredit and microfinance​​.
• Founder of Grameen Bank: In 1983, Yunus established Grameen Bank in Bangladesh, focusing on providing small loans to the impoverished without requiring collateral. 
  • Grameen Bank is credited with lifting millions from poverty — it has disbursed collateral-free loans of $34.01 billion among 9.55 million people since its inception. 
    • The recovery rate is 97.22%, as per a report by Daily Sun, a Bangladesh-based national daily.
• Microfinance Revolution: His concept of microcredit has been influential globally, inspiring similar microfinance efforts in around 100 countries, including developed nations. 
  • The Grameen Bank model primarily focuses on lending to women, recognizing their crucial role in family and community welfare​​.
• Global Initiatives and Recognition: In 2011, he co-founded Yunus Social Business – Global Initiatives (YSB), which supports and creates social businesses worldwide. 
  • Yunus also served as the Chancellor of Glasgow Caledonian University from 2012 to 2018 and has been a member of various international foundations and organizations​​.
• A Leader in Social Causes: Recognized by Fortune Magazine in 2012 as one of the greatest entrepreneurs, Yunus’s work has inspired many young people globally to engage in social causes and seek innovative solutions to social problems.

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