Paragraph - Grameen Bank & Dr. Muhammad Yunus

Paragraph - Grameen Bank & Dr. Muhammad Yunus

Nobel Prize is the most prestigious prize in the world. It is really a matter of pride for us that Professor Dr. Muhammad Yunus and his established Grameen Bank have won the Nobel Peace Prize in 2006, the highest international recognition of the world. Dr. Muhammad Yunus is the pioneer of micro finance institution and a prominent economist of the world. His plan was to alleviate poverty from the world. So, he introduced microcredit system among a limited number of poor people and his plan became successful. Then he established a bank called 'Grameen Bank'. His Grameen Bank rendered outstanding contribution for poverty alleviation. Thousands of poor and powerless people could be able to escape from poverty through this bank. The Grameen Bank is an unconventional bank that has changed the concept of banking system in Bangladesh. This banking system is mainly based on accountability, creativity, mutual trust, and participation. It provides loans to its clients without any mortgage. On the other hand, other banks in Bangladesh provide loans on heavy interest. Now it is a well established fact that the Grameen Bank is playing vital role in improving the lives of the poor in rural areas. According to the latest survey of Bangladesh Bureau of Statistics on expenditure and household income, poverty is decreasing faster in rural areas than urban areas. In fact, the microcredit program of the Grameen Bank brought wealth and prosperity to the underprivileged of many nations in the world. Today Dr. Muhammad Yunus and his Grameen Bank are well known to the whole world. He has brought honour and reputation for us all. We are indebted to him.