Muhammad Yunus Essay Example | Topics and Well Written Essays - 750 words

Muhammad Yunus - Essay Example Micro finance is a term given for the practice of providing financial services, usually very small loans, to developing economies. As the name itself suggests, most transactions in micro finance involve small amounts of money, frequently less than 100 USD. This paper will review an article about Microfinance titled, The Microfinance Promise written by Jonathan Murduch with special focus on Economist, Muhammad Yunus. The main thesis of this article is about the role of Microfinance in the development of individuals and how Muhammad Yunus’s role is very crucial in that development. Microfinance is the ray of hope for many people the world over, who were living a life of struggle due to the lack of basic needs caused by deficient economic resources. This economic deficiency is actually due their inability to find a livelihood and this is further accentuated by the apathy shown by the Government and its institutions. â€Å"About one billion people globally live in households with per capita incomes of under one dollar day. The policymakers and practitioners †¦face an uphill battle. Reports of bureaucratic sprawl and unchecked corruption abound† (Murduch 1569) The author focusses on Muhammad Yunus and Grameen bank after discussing about the utility of Microfinance and the latest approaches. According to the author, it is due to the personal initiative of Muhammad Yunus that Microfinance had its roots in Bangladesh, which in turn ‘rooted’ and ‘routed’ many lives in their path to success. Before Yunus’s initiative, many people had no idea of about the concept of Microfinance and lived their lives with lot of discomfort. And, this term entered common parlance due to the work of Prof. Muhammad Yunus, who was aptly awarded the Nobel Prize for economics in 2006. Muhammad Yunus is only credited with disbursing the first microloan in Bangladesh in 1974 using his own money. The author of the article, Murduch focusses on Yunus