Yunus was made Chancellor at Glasgow Caledonian University in Scotland in 2012. He is on the advisory board for Shahjahal University of Science and Technology. Also, he serves on the board of directors for the United Nations Foundation. Yunus finished his studies at the University of Dhaka, the University of Colorado, Boulder, and Vanderbilt University. Moreover, he has received various awards such as the Independence Day Award, World Food Prize, Pfeffer Peace Prize, Gandhi Peace Prize, and Aga Khan Award for Architecture.

Muhammad Yunus Biography Details 2024

About Muhammad Yunus Biography

Muhammad Yunus is a Bangladeshi entrepreneur, banker, economist and civil society leader. Yunus was awarded the Nobel Peace Prize in 2006 for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance.

Born: 28 June 1940 (age 84 years), Chattogram, Bangladesh

Education: Vanderbilt University, University of Dhaka, University of Chittagong, Chittagong College, Chattogram Collegiate School

Spouse: Vera Forostenko (m. 1970–1979)

Awards: Nobel Peace Prize, Presidential Medal of Freedom

Children: Monica Yunus, Deena Afroz Yunus

Organizations founded: Grameen Bank, Yunus Social Business

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What is the Net Worth Of Muhammad Yunus in 2024?

As of 2024, Muhammad Yunus net worth is estimated at $10 million.

Who is Muhammad Yunus, the Nobel laureate set to head Bangladesh’s interim govt?

Dr. Muhammad Yunus, the Nobel Prize-winning economist, landed in Dhaka on Thursday afternoon to take the oath as the new interim prime minister of Bangladesh. Global leaders are observing closely to gauge the outcome of appointing Yunus to the highest position during this transitional phase for Bangladesh. Concerns about military dictatorship, persecution of minorities, and chaos have been prominent as Bangladesh aims to reshape its identity following Sheikh Hasina’s 15-year tenure. Let’s examine the economist and leader who is poised to assume control of a nation in turmoil.

Early life

Muhammad Yunus, born in 1940 in the village of Bathua in pre-independence undivided Bengal presidency, was the third child in a family of nine children. His father, Haji Dulaa Mia Sawdagar, worked as a jeweller. Despite being born in a village, Yunus completed most of his education in the port city of Chittagong. During his time there, he actively participated in the Boy Scouts and had the opportunity to visit Pakistan and India in 1952. By 1959, he had also traveled to Europe, the USA, Canada, the Philippines, and Japan, expanding his horizons.

He attended Dhaka University from 1957, earning his bachelor’s degree in 1960 and master’s degree in 1961. Subsequently, he worked as a research assistant at the Bureau of Economics at Dhaka University before becoming a professor at Chittagong College within a year. In 1965, he was awarded a Fulbright scholarship to pursue a PhD in economic development at Vanderbilt University, which he completed in 1971. He then served as an assistant professor of Economics at Middle Tennessee State University until 1972.

Bangladesh’s war of liberation

In 1971, as the war for liberation in Bangladesh commenced, Yunus managed a communications center for Bangladeshis seeking updates from overseas. He established the Bangladesh Newsletter in Nashville to garner support for the cause. Following the war, Muhammad Yunus resumed his role as the head of the economics department at Chittagong University. The severe Bangladesh famine of 1974, among the 20th century’s most devastating, motivated Yunus to focus on reducing poverty. His concept of implementing village governments (gram sarkar) to enhance rural economies was rejected on grounds of illegality and unconstitutionality.

Personal life

Muhammad Yunus’ first wife, Vera Forostenko, bore him a daughter named Monica Yunus, who is an opera singer in New York City. Following this, he married Afrozi, a physics researcher at Manchester University, who later became a professor at Jahangirpur University. Their daughter, Deena Afroz Yunus, was born in 1986. Muhammad Yunus had an elder brother, Muhammad Jahangir, who was a social activist and TV presenter until his passing in 2019. His younger brother, Muhammad Ibrahim, founded the Centre for Mass Education in Science, aiming to provide science education to young girls in rural areas.

Quick Facts

Grameen Bank

During a village visit in 1976, he discovered the need for small non-traditional loans among underprivileged individuals to support their financial well-being and business growth. This realization sparked the concept of microcredit, earning him the title “banker to the poor.” By 1983, he founded Grameen Bank to provide microcredit by reassigning loans from major banks to those in need, issuing US$ 6.38 billion to 7.4 million borrowers by July 2007. The initiative expanded to encompass various sectors such as fishing, agriculture, and telecom-related credit to assist the underprivileged, leading to the establishment of multiple enterprises. This successful model inspired similar projects in 100 countries, culminating in Muhammad Yunus being awarded the Nobel Prize in Economics in 2006 for Grameen Bank’s impact on social and economic progress.

Controversies

In 2011, Grameen Bank faced scrutiny from Sheikh Hasina’s administration over alleged fund mismanagement, a claim previously dismissed by the Norwegian government. Amid speculations of Yunus’ dismissal as the bank’s leader during the investigation, Muhammad Yunus sought legal intervention from the Bangladeshi High Court, resulting in a temporary halt to the decision. The motive behind the alleged politically-driven action was linked to Yunus’ growing impact on the national stage and his earlier endeavor to establish a political party in 2007.

Thousands of individuals protested what they termed as ‘judicial harassment’, but the investigation did not progress. Yunus is currently facing pending charges related to alleged food adulteration in a Grameen Bank subsidiary and accusations of misusing power by acting as a creditor for private businesses. In a defamation case where he stated, “All politicians in Bangladesh work for power,” Yunus was granted bail in 2011. Throughout Sheikh Hasina’s administration, Yunus has been confronted with a total of 174 legal cases.