Muhammad Yunus Wiki Biography, Age, Height, Family, Wife, Political Career, Net Worth

Wiki Biography

Wiki Biography:

Original Name:

Muhammad Yunus

Nickname:

Yunus

Born:

28/06/1940

Birth Place:

Village Bathua, Hathazari, District Chittagong, Bengal, British India

Profession(s):

Banker
Entrepreneur
Economist

Physical Anatomy:

Body Type:

Average

Figure Measurements (Approx):

Chest: 40 inches, Waist: 32 inches, Biceps: 14 inches

Height (Approx) in cm:

5' 5" (165 cm)

Weight (Approx) in KG:

68 kg (150 lbs)

Eye Colour:

Brown

Hair Colour:

Grey

Muhammad Yunus Childhood and Background:

Muhammad Yunus was born on June 28, 1940, in the city of Chittagong, then part of British India and now Bangladesh. He was the third of nine children born to Hazi Dula Mia Shoudagar, a successful goldsmith, and Sofia Khatun, who played a significant role in raising her children with strong moral values. Growing up in a relatively affluent family, Yunus was provided with a good education, which played a crucial role in shaping his future.

Early Education: Yunus attended Lamabazar Primary School in Chittagong and later moved to Chittagong Collegiate School, where he completed his secondary education. He was known for his intelligence and leadership qualities even as a young student.
Influence of Family Values: His parents instilled in him a deep sense of empathy and social responsibility, particularly towards the underprivileged. This upbringing laid the foundation for his lifelong commitment to social justice and poverty alleviation.
University Education: Yunus attended Dhaka University, where he earned a bachelor’s degree in Economics in 1960 and later a master’s degree in 1961. His academic excellence earned him a Fulbright scholarship, allowing him to pursue a Ph.D. in Economics from Vanderbilt University in the United States.
Career Beginnings: Upon completing his Ph.D. in 1969, Yunus returned to Bangladesh and began teaching economics at Chittagong University. His early career as an educator was marked by a strong focus on practical applications of economic theory to address real-world issues.
Social Impact: The turning point in Yunus’s life came in the mid-1970s when he was struck by the severe poverty he witnessed in rural Bangladesh. Determined to make a difference, he initiated several experimental programs aimed at empowering the poor, which eventually led to the founding of the Grameen Bank.
Founding Grameen Bank: In 1976, Yunus launched the Grameen Bank project, which provided microloans to the poor without requiring collateral. This innovative approach revolutionized the concept of microfinance and helped millions of people, particularly women, escape poverty.
Global Recognition: Yunus’s work with Grameen Bank gained international recognition, leading to numerous awards and honors, including the Nobel Peace Prize in 2006. His efforts have inspired similar microfinance initiatives worldwide.
Continued Advocacy: Throughout his life, Yunus has remained a tireless advocate for social business, economic justice, and sustainable development. His vision extends beyond microfinance, encompassing a broader commitment to creating a world without poverty.

Private life:

Home Town:

Village Bathua, Hathazari, District Chittagong, Bengal, British India

Nationality:

Bangladeshi

Age:

84 Years

Ethnicity:

Muslim

Caste:

Muslim Saudagars

Favorite Hobbies:

Reading, Writing, Public Speaking

Likes/Dislikes:

Likes: Social Justice, Innovation, Teaching

Dislikes: Inequality, Corruption

Tattoo(s):

None

Food choice:

Non-Vegetarian

Now Address:

Village Bathua, Hathazari, District Chittagong, Bengal, British India

Relationships and More:

Marital Status:

Married

Muhammad Yunus Wiki Biography, Age, Height, Family, Wife, Political Career, Net Worth

Family & Relatives:

Spouse/Wife:

Vera Forostenko Yunus (m. 1970 - div. 1979) (died in 2017), Afrozi Yunus (a researcher in physics and a professor at Jahangirnagar University) (m. 1983)

Children’s:

Two

Son:

None

Daughter:

Monica Yunus (from first marriage) (American musician), Deena Afroz Yunus (from second marriage)

Father:

Haji Dula Mia Soudagar (jeweler)

Mother:

Sufia Khatun

Brother:

Muhammad Ibrahim (a professor of physics, founder of the Center for Mass Education in Science), Muhammad Jahangir (a television presenter and social activist)

Sister:

None

Top choices:

Preferred Actor(s):

Not Publicly Disclosed

Preferred Actresses:

Not Publicly Disclosed

Confection:

Not Publicly Disclosed

Preferred Food:

Traditional Bengali Cuisine

Fruit:

Mango

Top Travel Choice:

Europe, for its historical and cultural significance

Favourite Collection:

Cars Collection:

Mercedes-Benz

Bike Collection:

Not Known

Financial Aspect:

Approx Salary:

Rs. 50 lakhs Per Annum

Properties/Assets:

Assets: Rs 5,07,79,584 ~5 Crore+
Liabilities: Nil

Net Worth (Approximate):

$10 million

Rarely Discussed Facts about Muhammad Yunus:

Does He Drink Alcohol: No
Does He Smoke: No

Early Influence by Gandhi: Muhammad Yunus was deeply influenced by Mahatma Gandhi’s principles of non-violence and economic self-reliance, which inspired his later work in microfinance and social entrepreneurship.
Music Enthusiast: Yunus has a passion for traditional Bengali music, and during his youth, he was known to play the flute as a form of relaxation.
Involvement in Bangladesh’s Independence: During the Bangladesh Liberation War in 1971, Yunus played a significant role by raising funds and creating awareness about the struggle for independence while he was in the United States.
Art and Culture Advocate: Beyond his economic and social initiatives, Yunus has been an advocate for preserving Bangladeshi art and culture, often supporting local artists and cultural events.
Educational Reformer: Yunus has consistently advocated for educational reform in Bangladesh, emphasizing the need for practical, skills-based education to empower the youth.
Global Advisory Roles: Yunus has served as an advisor to various international organizations, including the United Nations, where he has provided insights on poverty alleviation and sustainable development.
Prolific Writer: He has authored several books, including “Banker to the Poor,” which details his journey and the founding of Grameen Bank. His writings reflect his deep commitment to social justice.
Vision for a World Without Poverty: Yunus’s vision goes beyond microfinance; he believes in the concept of social business, where enterprises are created not for profit but to address social problems.
Grameen Danone: Yunus partnered with Danone to create Grameen Danone, a social business that produces affordable and nutritious yogurt for children in Bangladesh, aiming to combat malnutrition.
Support for Women’s Empowerment: Yunus has always emphasized the importance of empowering women, particularly in rural areas, as a key strategy for eradicating poverty.
Recognition in Global Media: Time magazine named Yunus one of the 100 most influential people in the world in 2006 for his groundbreaking work in microfinance and poverty alleviation.

Career:

1. Early Life and Background (1940-1957)

Birth: Muhammad Yunus was born on June 28, 1940, in the village of Bathua, near Chittagong, in British India (now Bangladesh).
Family: He was the third of nine children in a middle-class family. His father was a jeweler, and his mother was a homemaker who was known for her charitable nature.
Education: Yunus attended a local primary school and later completed his secondary education at Chittagong Collegiate School. He showed an early interest in academics and social issues.

2. Higher Education and Early Career (1957-1972)

Bachelor’s Degree: Yunus earned a Bachelor’s degree in Economics from Dhaka University in 1960.
Master’s Degree: He completed his Master’s degree in Economics from the same university in 1961.
Fulbright Scholarship: In 1965, Yunus received a Fulbright scholarship to study in the United States.
Ph.D. in Economics: He pursued his Ph.D. in Economics at Vanderbilt University, Tennessee, focusing on rural economics. He completed his Ph.D. in 1971.
Assistant Professor: After obtaining his Ph.D., Yunus briefly worked as an assistant professor of economics at Middle Tennessee State University.

3. Return to Bangladesh and Academic Career (1972-1975)

Return to Bangladesh: After the Bangladesh Liberation War in 1971, Yunus returned to the newly independent Bangladesh in 1972.
University of Chittagong: He joined the University of Chittagong as a professor of economics, where he taught and conducted research.
Rural Economics Research: Yunus began focusing on the issues of rural poverty and famine, which were prevalent in post-war Bangladesh.

4. Birth of Microcredit and Grameen Bank (1976-1983)

Jobra Village Experiment (1976): Yunus started an experimental project in the village of Jobra, near Chittagong. He provided small loans (microcredit) to poor villagers, particularly women, to help them start small businesses.
Success of the Experiment: The success of the Jobra experiment led Yunus to develop the concept of microcredit further, focusing on providing financial services to the poorest without requiring collateral.
Founding of Grameen Bank (1983): Yunus formally established Grameen Bank, meaning “Village Bank,” in 1983. The bank’s mission was to provide microloans to impoverished people, especially women, to help them escape poverty.

5. Growth and Global Influence (1983-2000)

Expansion of Grameen Bank: The Grameen Bank model rapidly expanded across Bangladesh and was replicated in various other countries.
International Recognition: Yunus’s work began to gain international recognition. He was invited to speak at global forums and received numerous awards.

6. Awards and Honors (1990s-2000s)

World Food Prize (1994): Yunus received the World Food Prize for his innovative work in microfinance and its impact on food security.
Sydney Peace Prize (1998): He was awarded the Sydney Peace Prize for his efforts in promoting peace and social justice through economic empowerment.
Nobel Peace Prize (2006): Muhammad Yunus and Grameen Bank were jointly awarded the Nobel Peace Prize in 2006.

7. Advancing Social Business (2000s-Present)

Concept of Social Business: Yunus began promoting the idea of social business, a business model focused on solving social problems rather than maximizing profits.
Establishment of Social Businesses: He established several social businesses, including Grameen Danone (a joint venture with the French company Danone) and Grameen Shakti (a renewable energy company).
Books and Publications: Yunus authored several influential books, such as “Banker to the Poor” (1999) and “Creating a World Without Poverty” (2008), where he outlined his vision for social business.

8. Challenges and Controversies (2010s)

Legal and Political Challenges (2011): In 2011, the Bangladeshi government removed Yunus from his position as managing director of Grameen Bank, citing age limits. This move was widely criticized as politically motivated, given Yunus’s criticisms of the government and his brief involvement in politics.
Criticism of Microfinance: While microfinance helped many, it also faced criticism for issues like high-interest rates and over-indebtedness. Yunus acknowledged these problems but argued that the core principles of microfinance were sound and needed to be preserved.

9. Current Activities and Legacy (2010s-Present)

Ongoing Advocacy: Despite the challenges, Yunus remains an active advocate for social business and poverty alleviation. He continues to speak at international forums and engage in global discussions on these topics.
Global Influence: Yunus’s ideas and work have had a lasting impact on global poverty reduction efforts. His contributions to microfinance and social business have inspired countless initiatives worldwide.

10. Legacy and Influence

Influence on Development: Muhammad Yunus’s work has fundamentally changed the way poverty is addressed, emphasizing empowerment through financial inclusion and entrepreneurship.
Inspirational Figure: Yunus is celebrated as a visionary leader who demonstrated that business principles could be harnessed to achieve social good, setting an example for future generations of social entrepreneurs.

Controversies:

1. Removal from Grameen Bank (2011)

Background: In 2011, the Bangladeshi government removed Muhammad Yunus from his position as the managing director of Grameen Bank, which he had founded. The government cited a law that set the retirement age for managing directors of banks at 60, while Yunus was 70 at the time.
Political Motivation: Many believed the removal was politically motivated. Yunus had briefly considered entering politics in 2007, announcing plans to form a political party, which he later abandoned. His criticisms of the Bangladeshi government and involvement in political discussions were seen as reasons for the government’s actions against him.
International Reaction: The move was met with widespread criticism from the international community. Prominent figures, including U.S. Secretary of State Hillary Clinton and other world leaders, expressed concern over the treatment of Yunus. However, the Bangladeshi government maintained that the decision was based on legal grounds, not politics.

2. Allegations of Financial Mismanagement

Danish Documentary (2010): A Danish documentary aired in 2010, titled “Caught in Micro Debt,” accused Grameen Bank of financial improprieties. The film alleged that funds provided by international donors to Grameen Bank had been diverted to other projects, a claim that Yunus strongly denied.
Government Investigation: Following the documentary, the Bangladeshi government ordered an investigation into Grameen Bank’s finances. Yunus defended the bank, stating that the funds were properly utilized and that the documentary had misrepresented the facts.
Clearing of Charges: After extensive scrutiny, no evidence of financial wrongdoing was found. However, the controversy had already damaged Yunus’s reputation to some extent, especially in Bangladesh.

3. Criticism of the Microfinance Model

High-Interest Rates: Critics of microfinance have argued that some microfinance institutions, including those modeled after Grameen Bank, charge high-interest rates on loans, leading to over-indebtedness among poor borrowers. Although Grameen Bank itself was known for reasonable rates, the commercialization of microfinance in some regions led to practices that contradicted Yunus’s original vision.
Over-Indebtedness and Suicides: In some cases, particularly in India, microfinance borrowers who were unable to repay their loans faced harassment from collection agents. There were reports of suicides among borrowers, which brought negative attention to the microfinance sector. Although these incidents were not directly linked to Grameen Bank, they sparked a broader debate about the effectiveness and ethical implications of microfinance as a poverty alleviation tool.
Yunus’s Response: Yunus acknowledged that microfinance had deviated from its original mission in some cases. He criticized the commercialization of microfinance and argued that the focus should remain on social goals rather than profit-making. He continued to advocate for a purer form of microfinance, aligned with the principles he had established at Grameen Bank.

4. Legal Disputes and Governance Issues

Grameen Bank Governance: After Yunus’s removal from Grameen Bank, there were ongoing disputes over the governance of the bank. The Bangladeshi government sought to increase its control over the bank, which was historically operated with significant autonomy. These moves were seen by some as an attempt to undermine the bank’s independence and legacy.
Ownership Dispute: There were also disputes over the ownership structure of Grameen Bank. Although the bank was owned primarily by its borrowers, the government attempted to assert greater control, leading to concerns about the potential dilution of the borrowers’ influence.

5. Political and Social Criticism

Engagement in Politics: Yunus’s brief foray into politics in 2007 was met with mixed reactions. While some supported his move as a potential catalyst for change, others criticized it as an inappropriate step for someone who had been a non-partisan figure. His eventual decision to withdraw from politics did not entirely erase the tensions it had created.
Social Criticism: In Bangladesh, Yunus faced criticism from certain quarters for allegedly being more focused on his international reputation than on local issues. Some accused him of being disconnected from the realities of the very people he sought to help, although these criticisms were largely overshadowed by his global acclaim.

6. Nobel Peace Prize Controversy

Nobel Peace Prize Backlash: While Yunus was widely celebrated for winning the Nobel Peace Prize in 2006, some detractors argued that microfinance did not warrant such recognition, given the mixed results in various regions. Critics pointed out that while microfinance had positive impacts, it was not a panacea for poverty, and the prize might have oversimplified the complexities of poverty alleviation.

7. Ongoing Disputes with the Bangladeshi Government

Tensions with Prime Minister Sheikh Hasina: Yunus has had a strained relationship with the government of Prime Minister Sheikh Hasina, who has publicly criticized him on several occasions. These tensions have contributed to the controversies surrounding Yunus’s later career, with some seeing him as a target of political vendettas.

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