Possible Advisor of Interim Bangladesh Government: An Introduction to Muhammad Yunus

The organizers of the Anti-Discrimination Student Movement proposed an interim administration led by Nobel Prize winner Dr. Muhammad Yunus shortly after Bangladesh Prime Minister Sheikh Hasina stepped down and left the nation. The student movement cited the crisis, which included indiscriminate shooting, assaults on temples, and widespread theft, as the rationale for revealing the proposal earlier than anticipated.

The anti-quota protest, which commenced about a month ago, gradually evolved into anti-government protests. On Monday, the demonstrators, in defiance of the nationwide curfew, besieged the Prime Minister’s residence and proclaimed a triumph for the people of Bangladesh.

Below are some details about Muhammad Yunus:

1. Muhammad Yunus was born in 1940 in Chittagong, a port city in Bangladesh. He completed his early education at Dhaka University in Bangladesh. Subsequently, he was granted a Fulbright scholarship to pursue economics studies at Vanderbilt University in the United States, where he obtained his PhD in economics in 1969.

2. Post acquiring his PhD, Mr. Yunus assumed the role of an economics assistant professor at Middle Tennessee State University. In the mid-1970s, he returned to Bangladesh and assumed the position of economics department head at Chittagong University. During that time, Mr. Yunus began providing small personal loans to impoverished basket weavers, which ultimately led him to establish the Grameen Bank in 1983.

3. The bank’s focus was on offering minimal loans (as little as Rs 2000) to women in rural Bangladesh for commencing small enterprises such as poultry farming, weaving, or merchandise sales. These loans were extended without collateral, and repayment was based on trust and peer pressure. This strategy assisted millions in lifting themselves out of poverty, earning Mr. Yunus the moniker “Banker to the Poor.” The Grameen Bank model has since been duplicated in more than 100 nations globally.

4. Throughout his lifespan, Mr. Yunus has received various international awards and occupied several significant positions. From 1993 to 1995, he was a part of the International Advisory Group for the Fourth World Conference on Women, a designation by the UN Secretary-General. He also served on the Global Commission of Women’s Health, the Advisory Council for Sustainable Economic Development, and the UN Expert Group on Women and Finance. Noteworthy accolades during this period include the Independence Day Award (1987), the highest honor in Bangladesh; the World Food Prize (1994); and the King Hussein Humanitarian Leadership Award (2000). In 2006, the Nobel Committee jointly awarded the Nobel Peace Prize to Muhammad Yunus and Grameen Bank for their pioneering work in microfinance and economic empowerment in the nation.

5. In June 2024, Muhammad Yunus was formally charged by a Bangladesh court with corruption and misappropriation of 252.2 million taka (Rs 219.4 crore) from the workers’ welfare fund of his telecommunications firm, Grameen Telecom. Grameen Telecom owns a 34.2 percent stake in Grameenphone, the largest mobile phone company in the country. Mr. Yunus and 13 others were accused of financial misconduct and involvement in money laundering. The 83-year-old refuted any misconduct allegations and asserted that the accusations were politically motivated. Additionally, in January, he was sentenced to six months in prison for breaching labor laws, but was released on bail.

Over the past month, following the initiation of the anti-quota demonstrations primarily led by students, at least 300 individuals lost their lives as authorities cracked down on protestors throughout Bangladesh. The demonstrators contended that the government’s job reservation policy for the families of freedom fighters favored members of the Awami League. They advocated for a merit-based system instead.