A day after the High Court upheld the removal of Nobel Peace laureate Muhammad Yunus from his position as managing director of Grameen Bank, the appellate court in Dhaka on Wednesday set a new date to hear his petitions.
It's not often that a Nobel Peace Prize laureate gets fired, but the Bangladeshi government said Wednesday it did just that in dismissing Muhammad Yunus from a top post in the pioneering bank he founded.
Micro-credit pioneer and Nobel Peace Prize winner Muhammad Yunus appeared in a Bangladesh court Tuesday on a defamation charge for reportedly criticizing politicians four years ago, court officials said.
Bangladesh has ordered a probe of the Grameen Bank -- founded by Nobel Laureate Professor Muhammad Yunus, the pioneer of microcredit -- following media allegations that donor's funds were inappropriately transferred.
One evening, when I was 24 years old, I heard Dr. Muhammad Yunus speak to a small classroom of Stanford University students. I was not a student at the time, so I crashed the lecture and sat quietly on the steps in the back of the room. What I heard that night changed my life.
There's a debate brewing in the world of do-gooder banking, pitting the father of microfinance Muhammad Yunus against a few entrepreneurs who have put an unlikely spin on Yunus' model of lending to the poor.
"Technology is making more changes in our way of life than ever in human history," says Muhammad Yunus. "The way the Internet and the mobile phone are spreading, you cannot compare with any technology of the past." Yunus is known for his visionary leadership in microfinance and helping the poor. He and the Grameen Bank he founded won the Nobel Peace Prize in 2006. Now he wants to see the tech industry work more explicitly to empower the poor.
Muhammad Yunus received the Nobel Peace Prize in 2006 for his pioneering work in microcredit, which has helped millions of people out of the poverty cycle. The first businessman ever to receive such a high honor, Yunus and the Grameen Bank he founded revolutionized conventional ways of banking, creating a system of lending money to the poor, mostly women.
The background: More than 850 million people live in a state of hunger. Malnutrition kills more people annually than AIDS, malaria, and tuberculosis combined. The majority of the hungry live in the developing world, especially in India and sub-Saharan Africa.
When Muhammad Yunus travels to Norway to receive the Nobel Peace Prize Dec. 10, he will come prepared to fight for management control over a company he believes is sucking profits from the poor of Bangladesh.