Review of the book “Banker to the Poor”- by MUHAMMAD YUNUS- by LG 9
ABOUT THE AUTHOR:
Prof. Mohammed Yunus is a Bangladeshi banker and economist. He previously was a professor of economics where he developed the concept of microcredit. These loans are given to entrepreneurs too poor to qualify for traditional bank loans. Yunus is also the founder of Grameen Bank in 2006; Yunus and the Grameen bank were jointly awarded the Nobel Peace Prize, “for their efforts to create economic and social development from below.” Yunus himself has received several other national and international honors. REVIEW OF THE BOOK:
Banker To The Poor is an astonishing story of how a man with a vision, strong values and tremendous patience could change the status quo and how he established a completely new and revolutionary institution of Micro Credit in the form of his Grameen Bank. Yunus begins the book with describing the things which motivated him to start the Grameen Bank and how he analyzed the root cause of the misery of the rural women of Bangladesh who work hard day and night and are still not able to get out of the clichés of poverty, thanks to the middle men and money lenders. So he found out that how a meager loan can free the whole village from the poverty. Then he has taken a critical view on the donor system that prevailed at that time. He has discussed in detail his conflicts with the World Bank. He has justified his views against the system of donor funding with the help of the case of a beggar and how a person paying him few pennies is spoiling his life. He rejected huge amount of loans from World Bank and his success also influenced the senior leadership of World Bank to change their views. Then he talked about his childhood and student life experiences. He had undergone lots of contrasts in his life. At one point of time they were a very happy family before his mother suffered from a mental illness which worsened with...