Grameen Bank

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Grameen Bank

A bank in Bangladesh that pioneered modern microfinance. Grameen Bank makes very small loans to extremely impoverished persons to help them achieve self-employment so they are able to lift themselves out of poverty. Borrowers belong to five member groups; members encourage each other to repay the loan. Borrowers must agree to abide by 16 rules for social betterment. While critics contend that too many of Grameen's loans extract high interest rates, some are interest-free. Historically, Grameen has had very low default rates, though many borrowers pay late. It was founded in 1983 by Muhammad Yunus.

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Microcredit

References in periodicals archive ?

The 16 Decisions of the Grameen Bank (illustrated) www.

Nobel Peace Laureate Muhammad Yunus: a banker who believes credit is a human right

The section on the Court similarly presents composition and rules of procedure, followed by the full texts of the 16 decisions and judgments for the year 2001.

Inter-American Yearbook on Human Rights: 2001, vol. 3

It boasts more than 50 sensors, three onboard computers and makes 16 decisions per second to navigate round a room.

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Based on this data, the machine makes 16 decisions per second, allowing it to constantly navigate its way around a home.

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The Ministry of Municipality and Environment's (MME) building demolition and maintenance committee has issued 16 decisions within the past four months.

13 orders for demolition of buildings issued

A senior ministry official told the GDN that the council had not referred a single decision to Municipalities and Urban Planning Affairs Minister Dr Juma Al Ka'abi since September 1, while another council had already submitted 16 decisions since the start of the month.