Muham­mad Yunus re­moved as head of Grameen Bank

Enterprise - - News -

No­bel Lau­re­ate and Grameen Bank Founder Muham­mad Yunus who be­came man­ag­ing di­rec­tor of the bank in 2000 has been re­moved. The Bangladesh gov­ern­ment is us­ing a spe­cial reg­u­la­tory law cre­ated just for Grameen, which, it says, in­cludes the power to fire Muham­mad Yunus from the mi­cro­fi­nance or­ga­ni­za­tion he founded in 1983.

The of­fi­cial rea­son for the or­der is that Yunus, at 70 is too old for the post, cit­ing a pro­vi­sion of the law that sets the manda­tory re­tire­ment age at 60. Oth­ers view the re­moval of the scholar as part of a vendetta by Prime Min­is­ter Sheikh Hasina who has ac­cused mi­crolend­ing of “suck­ing blood from the poor.”

All of this comes at a frag­ile time for the in­dus­try. In­dia has taken ac­tions to pro­tect bor­row­ers from preda­tory mi­crolen­ders rais­ing se­ri­ous ques­tions about the ef­fec­tive­ness of mi­cro­fi­nance as a tool for fight­ing poverty

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.