Muhammad Yunus Biography

Economist (1940–)
Muhammad Yunus won the 2006 Nobel Peace Prize for founding the Grameen Bank, which provides poor Bangladeshis with micro loans and credit.


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.

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