Muhammad Yunus

Explore the impactful timeline of Muhammad Yunus, a pioneer in social entrepreneurship and microfinance. From his early life in Bangladesh to founding Grameen Bank and receiving the Nobel Peace Prize, discover the key events that shaped his journey and contributions to global poverty alleviation.

Born: June 28, 1940
Social Entrepreneur, Banker, Economist

28 november 1940

1 januari 1974

2 oktober 1983

10 december 2006

1 januari 2008

1 maart 2010

12 mei 2011

7 oktober 2016

24 oktober 2017

12 november 2019

28november
1940
28 November 1940

Birth of Muhammad Yunus

Muhammad Yunus was born on November 28, 1940, in the city of Chittagong, which is now part of Bangladesh. His early education was at Lamabazar Primary School in Chittagong. He later attended Chittagong Collegiate School and was an active Boy Scout during his school years. Yunus showed early signs of brilliance as a student, moving on to obtain a degree in economics from Dhaka University in 1960. His upbringing and education laid the foundation for his future work in addressing poverty and social justice.

01januari
1974
01 January 1974

1974 Famine Insight

In 1974, Bangladesh experienced a severe famine. Yunus was teaching economics at Chittagong University during this time. The famine deeply affected him, prompting him to question the effectiveness of his economic theories in the face of such suffering. He began experimenting with practical solutions to combat poverty. These experiments included offering small loans to the poor, which laid the foundation for the development of the microcredit and microfinance concepts. Yunus's observations were pivotal in shaping his future endeavors.

02oktober
1983
02 October 1983

Grameen Bank Establishment

On October 2, 1983, Muhammad Yunus established the Grameen Bank, which was formally launched under a government ordinance. The Grameen Bank was created to provide microloans to impoverished populations in rural Bangladesh without requiring collateral. This pioneering concept of microcredit was aimed at empowering the poor, particularly women, to create income-generating activities, thus improving their living conditions. The success of Grameen Bank sparked a global microfinance movement, influencing numerous similar initiatives worldwide.

10december
2006
10 December 2006

Nobel Peace Prize Award

On December 10, 2006, Muhammad Yunus and the Grameen Bank were jointly awarded the Nobel Peace Prize 'for their efforts to create economic and social development from below.' The Nobel Committee recognized their work to empower the poor by providing microcredit and advancing economic opportunity. This prestigious award brought global attention to the potential of microfinance institutions to foster development and address poverty. Yunus donated the prize money to worthy causes and used it to promote social businesses.

01januari
2008
01 January 2008

Social Business Introduction

In 2008, Muhammad Yunus introduced the concept of 'social business,' distinct from nonprofit or traditional for-profit businesses. Social businesses are driven by social objectives rather than shareholder profit. Yunus advocated for businesses that address social issues within a sustainable framework, reinvesting profits to further their social aims. Ideas from Yunus's 'Creating a World Without Poverty' book laid the groundwork for various initiatives where entrepreneurship meets social impact, influencing policy makers and entrepreneurs globally.

01maart
2010
01 March 2010

Legal Challenges in Bangladesh

In March 2010, Muhammad Yunus faced legal challenges in Bangladesh, igniting a significant controversy. The government led by Prime Minister Sheikh Hasina accused Yunus of financial improprieties related to Grameen Bank and questioned his leadership. While Yunus remained popular internationally, the Bangladeshi government forced him out as managing director in 2011. This episode cast a shadow over Yunus’s achievements and highlighted the complicated interplay between politics and social entrepreneurship in the region.

12mei
2011
12 May 2011

Stepping Down from Grameen Bank

On May 12, 2011, under pressure from the Bangladeshi government, Muhammad Yunus announced his resignation as managing director of Grameen Bank. The decision followed a period of significant tension characterized by legal and political challenges against him. The government's stance, allegedly driven by personal vendettas, was criticized by international observers. Despite stepping down, Yunus continued to be an influential advocate for social business and poverty reduction on the global stage.

Sources:
07oktober
2016
07 October 2016

Social Business Day

On October 7, 2016, the annual Social Business Day was celebrated, honoring the work of Muhammad Yunus and his concept of social business. This event convened global social entrepreneurs and business leaders to discuss solutions to societal problems. Social Business Day serves as an international platform for networking, sharing experiences, promoting social change, and driving Yunus's vision of a world with reduced poverty. It underscores the impact of microfinance and social entrepreneurship in generating grassroots development.

24oktober
2017
24 October 2017

Release of 'A World of Three Zeros'

On October 24, 2017, Muhammad Yunus released his book 'A World of Three Zeros,' addressing the need to eliminate poverty, unemployment, and net carbon emissions. The book argues for the creation of social businesses and the retooling of traditional economic systems to tackle these global challenges. Yunus's insights have encouraged discourse on sustainable development and the role of social enterprises in achieving a fairer economy. The book has been well received, fuelling debates on economic models in the international arena.

12november
2019
12 November 2019

EBN Congress Keynote Speech

On November 12, 2019, Muhammad Yunus delivered the keynote speech at the EBN Congress in Rome, focusing on the potential of entrepreneurship to bring about social equity. He emphasized the transformative power of social businesses and microenterprises to drive economic growth without sacrificing social integrity. Yunus's speech elevated the conversation on entrepreneurial models that balance profit with purpose, urging institutions and policymakers globally to adopt approaches that integrate social responsibility with economic objectives.

Sources:
EBN |

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