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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Starting in the mid-1970s by making small loans--much of which was personally funded--to destitute basket weavers in Bangladesh, Grameen Bank has advanced to the forefront of a burgeoning world movement to eradicate poverty through microlending.
This experiment directly facilitated the formation of Grameen Bank, an institution that become instrumental in lifting people worldwide out of poverty, with the pioneering use of microcredit.
General manager (audit) Mahbubur Rahman of Grameen Bank and CEO Dr.
Grameen Bank is a Nobel Prize winning microfinance organization committed to the cause of poverty alleviation since 1976.
The micro finance model pioneered by Grameen Bank has been a huge success in Bangladesh and several countries where the model has been adopted.
Yunus was awarded the Nobel Peace Prize in 2006 for setting up the Grameen Bank that offers 'microcredit' loans to the poor without requiring collateral.
Muhammad Yunus, the founder of Grameen Bank and a proponent of 'social business', a not-for-profit business model to combat unemployment and other social evils, does not mince his words when it comes to micro-credit for the poor.
Yunus, who is challenging the tax bill, was removed as head of the micro-lender Grameen Bank that he founded in 2011, in a move widely seen as orchestrated by Hasina.
In such situation, the present study aims to assess Grameen Bank contribution on the socioeconomics development in Bangladesh.
The two shops will be run by Grameen Uniqlo Ltd., a joint venture Fast Retailing set up in August 2011 with the Dhaka-based Grameen Bank, which has been providing microfinance credits to Bangladeshis.
Through his ground-breaking work with the Grameen Bank, Dr.
CARTHAGE(TAP) - "Tunisia could curb unemployment and reduce poverty provided that it adopts what is commonly called social and charitable works project,"Bangladeshi economist Muhammad Yunus, founder of the Grameen Bank and Noble Peace Prize recipient said Wednesday.