The Sun, the Moon
and the Truth

Many celebrated people and institutions in today’s Bangladesh,
including Nobel laureate Dr. Muhammad Yunus and his
Grameen Bank, have drawn the government’s ire.

By Sabria Chowdhury Balland | January 2020

“Jealousy is both reasonable and belongs to reasonable men, while envy is base and belongs to the base, for the one makes himself get good things by jealousy, while the other does not allow his neighbour to have them through envy.”

– Aristotle

He is perhaps the most celebrated citizen of Bangladesh, winning the Nobel Peace Prize in 2006. In 1983, he founded Grameen Bank, an organization which lanched the innovative practice of providing small loans to rural women in poverty. In 2008, he was rated number two in Foreign Policy Magazine’s list of the Top 100 Global Thinkers. His name is Dr. Muhammad Yunus and his organization, Grameen Bank, became a globally recognized model for microfinance. The organization did not stop there, launching 48 other firms in widely varied sectors such as mobile phones and textiles. There is not a single country which does not honor and respect Dr. Yunus, except one: his home country - Bangladesh.

In 2011, the Bangladesh Prime Minister, Sheikh Hasina’s government ousted Dr. Yunus from his position as the Managing Director of Grameen Bank, announcing that the bank needed to be “reviewed and investigated”. The allegations were based on questions on the effectiveness of microfinancing, stating that, essentially, it was nothing more than being a loan shark and the motives were profit-based. Furthermore, there were allegations of coercion, peer pressure and physical harassment of loan defaulters, which were reported about some other microfinance organizations. These allegations were automatically connected to Grameen Bank as well. It had become evident that the government of Bangladesh, in particular, Sheikh Hasina, was exploiting questions of morality which began to be associated with microfinance in general in order to expel Dr. Yunus.

Read More

The writer is a teacher, political columnist and member of the US Democratic Party. She can be reached at sabriacballand@
gmail.com

Cover Story
One-on-One
Region

Update