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Micro-Credit and Micro Economies - A Path for World Peace

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  • Micro-Credit and Micro Economies - A Path for World Peace

    Micro-credit could change the face of business, says Yunus

    By ARAB NEWS

    Published: Apr 1, 2010 23:46 Updated: Apr 1, 2010 23:46
    RIYADH: Muhammad Yunus of Bangladesh and the Grameen Bank that he founded are the joint recipients of the 2006 Nobel Peace Prize.

    Custodian of the Two Holy Mosques King Abdullah received the Nobel Laureate at his Palace in Riyadh on March 20, 2010. Yunus was invited by Prince Miteb bin Abdullah to be the keynote speaker at the National Heritage and Culture Festival in Janadriya. Two Saudi channels televised his hourlong speech live.



    “As a Bangladeshi, I’m proud that we have given something to the world ... our work has now been recognized by the whole world,” said Yunus, who is one of those leaders who managed to translate visions into practical action for the benefit of millions of people.



    He said the bank’s work in creating opportunities for large numbers of people to get out of poverty created the conditions for sustainable peace.
    Yunus set up the bank in 1976 with just $27 from his own pocket. Now, the bank has more than eight million borrowers, 97 percent of them women.


    Yunus has established a Yunus Center, which is dedicated to work toward creating a poverty free world. The ultimate goal of the center is to create poverty museums, after bringing an end to poverty in each area, village, city, province and country, especially by engaging the local youth.
    In a roundtable with Al-Eqtisadiah last week, Yunus discussed social business as a concept that could rid the world of poverty.


    “I’ve started in a small way in Bangladesh, but if it is practiced around the world it could change the way the people do business both with selfishness and selflessness -- the attributes that are common to human beings,” said Yunus, who has also inspired Grameen America, a microfinance institution in the US. Headquartered in New York, it begins to expand nationally to build on its success of the other two branches in Queens, and Brooklyn, New York. Preparations are under way to open a fourth branch, in San Francisco, in August this year.


    “We urgently need to address the issues of unemployment and welfare dependence properly through micro-credit,” said Yunus, who dealt at length on the concept of social business and cleared the doubts. He said he had a meeting with the rector of King Saud University in Riyadh and he had shown his interest in establishing a chair for social business at the university. “We don’t need to think alone, but put our thoughts into action,” he added.


    He said he was not looking for the villagers who were the first to step forward to ask for a micro-loan. He was looking for those who were the last to come forward and who trusted their abilities the least. To those villagers, Yunus and his staff would say, “Yes, you can.”


    More than three decades later over eight million members of Grameen Bank (a total of 40 million when you count their family members) are saying “yes we can” to the whole world. Since its inception, Grameen Bank has lent more than $8 billion to the poor in Bangladesh. “My main objective is to free the poor from the clutches of loan sharks and there cannot be a better way to do it than through the concept of social business,” Yunus said.



    The bank has given most of its loans to women, because they are more serious than men in running a social business, with their focus mainly on children and family. Men are casual and so not so serious in any social business. The concept of social business has become popular because of several reasons. A social business enterprise is not a charity organization. It is a commercial entity, but all of its shareholders earn equivalent to what they invest in it. This is not a profit-making business, but something that one can run without selfish interests but with full satisfaction. “You open a food center with small investments and that offers jobs for five people. You replicate such centers and thus provide jobs for more people. This way you tackle the problem of unemployment,” he said.


    Yunus said the concept of social business could also operate in Saudi Arabia. “All you need to do is to identify and list the problems facing the people in your area. You need not solve all the problems of all the people. This is not possible. Even if you take up one problem and address it that will help in establishing a social business company create jobs for some people, and give you the satisfaction that you have been able to do something. After all, you need to leave your signature by doing some good deeds in your brief life.”


    Today, Bangladesh has been completely transformed. Those who visited the country 25 years ago and who would go there now will find a world of difference. Women, who never handled money and were shy of doing business, are now in the forefront. That is how 97 percent of the bank’s borrowers are women, and they are all engaged in work.


    What determines the success of a woman entrepreneur is the graph of her borrowings. If she started a social business with $6 initially and now borrows up to $16,000, then that spells her success as a social businesswoman, he said.


    About the collateral for such small loans, Yunus said: “Yes, collaterals for such small borrowings can be in the form of their produce like milk, baskets, or whatever.”


    When asked about the enemies of the social business concept, Yunus said: “There are no permanent enemies. Those who may be enemies now may turn friends later.” He gave the example of an imam in Bangladesh who termed my social business concept as unIslamic as it encouraged women to become businesswomen. “The same imam, after he was convinced of the role of businesswomen in ridding poverty and freeing their families from moneylenders, came back to me one day and gave his full approval to the concept of social business and women’s involvement in it.”



    http://arabnews.com/economy/article38026.ece
    "May the long time sun
    Shine upon you,
    All love surround you,
    And the pure light within you
    Guide your way on."

    "Where your talents and the needs of the world cross, lies your calling."
    Aristotle

    “In a gentle way, you can shake the world.”
    Mohandas Gandhi

    Be the light that is within.

  • #2
    Re: Micro-Credit and Micro Economies - A Path for World Peace?

    Muhammad Yunus -

    মুহাম্মদ ইউনুস
    Muhammad Yunus

    Muhammad Yunus (Bangla: মুহাম্মদ ইউনুস, pronounced Muhammôd Iunus) (born 28 June 1940) 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 bank were jointly awarded the Nobel Peace Prize, "for their efforts to create economic and social development from below."<sup id="cite_ref-Nobel_0-0" class="reference">[1]</sup> Yunus himself has received several other national and international honors. He is the author of Banker to the Poor and a founding board member of Grameen America and Grameen Foundation. In early 2007 Yunus showed interest in launching a political party in Bangladesh named Nagorik Shakti (Citizen Power), but later discarded the plan. He is one of the founding members of Global Elders. Yunus also serves on the board of directors of the United Nations Foundation, a public charity created in 1998 with entrepreneur and philanthropist Ted Turner’s historic $1 billion gift to support United Nations causes. The UN Foundation builds and implements public-private partnerships to address the world’s most pressing problems, and broadens support for the UN.<sup id="cite_ref-test_1-0" class="reference">[2]</sup>


    http://en.wikipedia.org/wiki/Muhammad_Yunus
    "May the long time sun
    Shine upon you,
    All love surround you,
    And the pure light within you
    Guide your way on."

    "Where your talents and the needs of the world cross, lies your calling."
    Aristotle

    “In a gentle way, you can shake the world.”
    Mohandas Gandhi

    Be the light that is within.

    Comment


    • #3
      Re: Micro-Credit and Micro Economies - A Path for World Peace?

      Muhammad Yunus

      Project: Grameen Bank
      Location: Bangladesh, other services under the "Grameen Family of Organizations" operate worldwide.

      Muhammad Yunus has had phenomenal success helping people lift themselves out of poverty in rural Bangladesh by providing them with credit without requiring collateral. Yunus developed his revolutionary micro-credit system with the belief that it would be a cost effective and scalable weapon to fight poverty.


      http://www.pbs.org/opb/thenewheroes/meet/yunus.html
      "May the long time sun
      Shine upon you,
      All love surround you,
      And the pure light within you
      Guide your way on."

      "Where your talents and the needs of the world cross, lies your calling."
      Aristotle

      “In a gentle way, you can shake the world.”
      Mohandas Gandhi

      Be the light that is within.

      Comment


      • #4
        Re: Micro-Credit and Micro Economies - A Path for World Peace

        Zambia: Citizens Economic Empowerment Commission Funding to Continue


        THE Government will continue setting aside funds through the Citizens Economic Empowerment Commission (CEEC) to develop and empower citizens as entrepreneurs, Commerce, Trade and Industry Deputy Minister Lwipa Puma has said.

        Dr Puma said in Kalulushi at the weekend that the Government would like to grow the small and medium enterprises (SMEs) that are able to create jobs and wealth to benefit national development by empowering them to expand their businesses.

        The deputy minister, who was speaking when he toured two CEEC-funded projects in the Copperbelt town said Government realised that the vision of Zambia attaining a middle income status by 2030 could only be achieved through the development of the SMEs sector.

        The two companies, Mapnat General Dealers and Woodwise Limited, received funding to buy machinery and transport facilities to enhance production and marketing of their wood processing businesses.

        Dr Puma said Government was mindful that it was difficult for an individual to start up and grow into a viable entrepreneur with financial backing, the reason it formed the CEEC to assist citizens with potential to engage in business.

        “I am hopeful that with entrepreneurs like you, we are going to create more jobs. Every, year we shall make sure that we set aside funds to support those citizens,” he said.

        Dr Puma said he had been prompted to tour the projects because there had been complaints from some sections of society that they were not accessing the funds, but he had found that the support was helping those accessing the money.

        He told the entrepreneurs behind the companies that the Government would be at hand to support them to further expand their businesses they needed, provided that, they properly utilised the funds and help to employ more Zambians.

        And Mapnat managing director, Joe Chupa said his company received K280 million, of which K165 million was spent on procuring a truck, while K89 million was used to buy a kilning machine to help produce dry timber.

        Mr Chupa said the company would reduce its transport costs by 20 per cent while the production of kilned timber would enable Mapnat expand its line of production and market share.

        The company had already started paying back the CEEC loan even before the truck and kiln machine arrived, and the managing director said Mapnat would be able to clear the loan way before the 36 months period.

        And Woodwise chief executive officer Zondo Chulu said he had managed to purchase a truck for K150 million and machinery for K60 million from the CEEC funding.

        http://ukzambians.co.uk/index.php?op...081&Itemid=533
        "May the long time sun
        Shine upon you,
        All love surround you,
        And the pure light within you
        Guide your way on."

        "Where your talents and the needs of the world cross, lies your calling."
        Aristotle

        “In a gentle way, you can shake the world.”
        Mohandas Gandhi

        Be the light that is within.

        Comment


        • #5
          Re: Micro-Credit and Micro Economies - A Path for World Peace

          "Poverty is the absence of all human rights"
          Yunnis, accepting the Nobel Peace Prize in 2006

          And in the void of poverty is the lack of public health care. Limited access to clean drinking water. Low sanitation standards.

          A fertile ground for disease.

          Yunnis on Micro-credit :

          http://www.youtube.com/watch?v=E615UKQWAWo
          "May the long time sun
          Shine upon you,
          All love surround you,
          And the pure light within you
          Guide your way on."

          "Where your talents and the needs of the world cross, lies your calling."
          Aristotle

          “In a gentle way, you can shake the world.”
          Mohandas Gandhi

          Be the light that is within.

          Comment


          • #6
            Re: Micro-Credit and Micro Economies - A Path for World Peace

            Yusef Islam - Peace Train

            http://www.youtube.com/watch?v=gLG91tOLPdQ


            Nobel Peace Prize Ceremony 2006
            "May the long time sun
            Shine upon you,
            All love surround you,
            And the pure light within you
            Guide your way on."

            "Where your talents and the needs of the world cross, lies your calling."
            Aristotle

            “In a gentle way, you can shake the world.”
            Mohandas Gandhi

            Be the light that is within.

            Comment


            • #7
              Re: Micro-Credit and Micro Economies - A Path for World Peace

              Africa – Middle East Regional Microcredit Summit April 7-10, 2010 – Nairobi, Kenya


              April 7-10, 2010 – Nairobi, Kenya

              Join Nobel Peace Prize Laureate Muhammad Yunus , and more than 2,000 delegates from over40 countries at the Africa - Middle East Regional Microcredit Summit to be held April 7-10, 2010 in Nairobi, Kenya.



              http://www.microcreditsummit.org/
              "May the long time sun
              Shine upon you,
              All love surround you,
              And the pure light within you
              Guide your way on."

              "Where your talents and the needs of the world cross, lies your calling."
              Aristotle

              “In a gentle way, you can shake the world.”
              Mohandas Gandhi

              Be the light that is within.

              Comment


              • #8
                Re: Micro-Credit and Micro Economies - A Path for World Peace

                Cheap credit key to poverty war




                By JOSEPH BONYO
                Posted Tuesday, April 6 2010 at 17:29

                The fight against poverty can be won through deepening of access to credit for the poor.




                It is under this possibility that delegates converge in Nairobi on Wednesday morning to come up with strategies of increasing access to micro-credit financing.



                According to Nobel Laureate Prof Muhammad Yunus, access to credit should now be a human right.



                “This is the only way through which the world can effectively deal with poverty as access to credit by the poor can economically up lift them,” said Prof Yunus at a media briefing on Tuesday.



                more...


                http://www.nation.co.ke/business/new...6/-/f3p2i2z/-/
                "May the long time sun
                Shine upon you,
                All love surround you,
                And the pure light within you
                Guide your way on."

                "Where your talents and the needs of the world cross, lies your calling."
                Aristotle

                “In a gentle way, you can shake the world.”
                Mohandas Gandhi

                Be the light that is within.

                Comment


                • #9
                  Re: Micro-Credit and Micro Economies - A Path for World Peace

                  1st microcredit institution established in Tibet

                  (Xinhua)
                  Updated: 2010-04-11 21:38





                  LHASA - Tibet Yurong Microcredit Company, the first microcredit institution in southwest China's Tibet Autonomous Region, was established here on Sunday.
                  With a registered capital of 50 million yuan ($7.33 million), the company was set up with full funding from private investors, according to the company.

                  Targeting small and medium-sized enterprises and farmers and herdsmen, the company said it would focus on loans that were conducive to improving the livelihood of the poverty-stricken people.
                  By the end of 2009, China had 1,334 microcredit institutions which had extended a total of 70 billion yuan, accounting for 0.19 percent of the total loans extended by Chinese banking sector, according to the People's Bank of China, the central bank.

                  http://www.chinadaily.com.cn/china/2...nt_9713252.htm
                  "May the long time sun
                  Shine upon you,
                  All love surround you,
                  And the pure light within you
                  Guide your way on."

                  "Where your talents and the needs of the world cross, lies your calling."
                  Aristotle

                  “In a gentle way, you can shake the world.”
                  Mohandas Gandhi

                  Be the light that is within.

                  Comment

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