Muhammad Yunus removed as head of Grameen Bank
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