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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General manager (audit) Mahbubur Rahman of Grameen Bank and CEO Dr.
By introducing mobile banking service, Grameen Bank and SureCash will bring a new dimension in microfinance movement globally," says Mr.
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.
The Grameen Bank concept of microcredit has been replicated in more than 60 countries around the world.
It is a shame that the administration of the Grameen Bank has been accused of corruption and 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.
The concept follows groundbreaking work in micro credits by Yunus's Grameen Bank, created in 1976.
Professor Muhammad Yunus, winner of the 2006 Nobel Peace Prize and founder of Grameen Bank and Yunus Centre at the UN, Deputy Premiers, ministers and chairmen of institutions and banks attended.
Former US Secretaries of State George Shultz and Madeleine Albright have joined a growing chorus of global leaders, including present US Secretary of State Hillary Clinton, that have decried the Bangladeshi Government's latest moves to take over the Grameen Bank.