*The Grameen Bank and Dr. Muhammad Yunus: A Microfinance Revolution*

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 *The Grameen Bank and Dr. Muhammad Yunus: A Microfinance Revolution*

Nobel Peace Prize winner and Bangladeshi economist Dr. Muhammad Yunus is well-known throughout the world for establishing the *Grameen Bank*, a trailblazing organization that transformed banking by providing small loans without collateral to the poorest individuals, particularly women. His foresight and creativity have fundamentally changed international initiatives to use microcredit to fight poverty.

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Grameen Bank was founded in the midst of a catastrophic famine in Bangladesh in the middle of the 1970s. Dr. Yunus taught economics at Chittagong University during the time. He started looking into workable remedies since he was troubled by the pervasive poverty around him. He encountered a group of impoverished women in the village of Jobra in 1976 who were unable to purchase raw materials without taking out loans from unscrupulous moneylenders. He gave them small loans with only around $27 of his own money, which allowed them to purchase supplies, produce items, and sell them for a profit.

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The seed that became Grameen Bank was this straightforward but profound notion: if given access to credit, the impoverished can be trustworthy borrowers and business owners. The bank was formally founded in 1983 and pioneered a novel *microfinance* concept, which consists of modest, collateral-free loans intended to empower those who are economically disadvantaged. The bank's guiding principles include empowerment and trust, particularly for women, who account for more than 90% of its borrowers.

The lending system used by Grameen Bank is centered in the community. Small groups of borrowers band together to help and keep an eye on one another. Even though loans https://www.profitableratecpm.com/f3757ws7?key=7e39fc65ae6b869dd50698c0ecda57ac