Muhammad Yunus biography

Profile

Born in Bangladesh on June 18, 1940, Muhammad Yunus was teaching economics at Chittagong University when he developed the idea of "micro" loans, a credit system that enabled poor Bangladeshis to borrow small amounts as part of a peer group, ensuring that they would repay. His Grameen Bank established a microfinance model followed all over the world. Yunus won the Nobel Prize for Peace in 2006.