It looks like we don't have a Synopsis for this title yet. 2nd Printing) By Yunus, Muhammad ( Author ) Oct - 16- 2003 ( Paperback ) } ] Muhammad Yunus. In 1983, against the advice of banking and government officials, Yunus established Grameen, a bank devoted to providing the poorest of Bangladesh with minuscule loans. The concept of Grameen Bank was ushered in 1974 when Muhammad Yunus, the author was working as a professor of Economics at Chittagong University. First three sections lay down the development phases of Grameen Bank: Beginnings (1940-76), Experimental (1976-78) & Creation (1978-90). This summary of the ideas from Muhammed Yunus' book "Banker to the Poor" explains the requirements for micro-credit in the current economy and how this can be a simple way of reducing poverty. Lost in wandering thoughts Now the bank stepped out of Jobra village and spread its branches in the district of Tangail. Review of Radical Political Economics 2006 38: 2, 280-283 Download Citation. Author: Muhammad Yunus  Publisher: Penguin Books India Pvt. Grameen bank never used the judiciary in seeking loan repayment. Success of Grameen Bank in Bangladesh prompted its replication in more than fifty nine countries. They worked all day long, doing complex physical tasks. His father was a jeweler. Banker to the Poor by Muhammad Yunus is the story of the Grameen bank program, which is founded in Bangladesh by Yunus to help the poor. The book consists of seven sections. Banker to the Poor, Muhammad Yunus. The Banker to the Poor Muhammad Yunus is a Bangladeshi banker and economist. Your email address will not be published. Biggest challenge came when Bank decided to exclusively lend to women. But this success came with strings and government took the ownership of the bank. Book Review: Banker to the Poor: Micro-Lending and the Battle against World Poverty. This autobiography of the world-renowned, visionary economist who came up with a simple but revolutionary... Readalikes. Institutionalized banks denied the poor any loans due to the absence of collateral. In 1983, the then president of Bangladesh General Ershad recognized Grameen Bank as a separate corporate entity. In 1976, Yunus incorporated the help of Maimuna Begum to collect data of people in Jobra who were livin… This complete summary of "Banker to the Poor" by Muhammad Yunus, an economist, civil society leader and Nobel Peace Prize-winner, presents his explanation of the requirements for microcredit in the current economy and how this can be a simple way of reducing … Log in as an administrator and view the Instagram Feed settings page for more details. Ownership was finally restored to borrowers with lots of efforts but problems continued to impede the progress. The money would enable them to set up the smallest village enterprise and pull themselves out of poverty. Directed by Marco Amenta. Finally, Grameen Bank came up with the solution of lending husbands but through their wives. Paperback. As the Grameen Bank went on to oppose the set social norms and customs, it also became a victim of social opposition. Complete summary of Muhammed Yunus' book: "Banker to the Poor: Micro-Lending and the Battle Against World Poverty". Fourth section illustrates the replication of the model in different countries & distinct cultures. It was also not easy for female workers since they had to fight with various social taboos as a woman riding a bicycle or going someplace alone was seen with disrespect. Ltd., New Delhi, “When I gave $27 as loans to forty-two people, I could not believe one could produce so much happiness in so many people with so little money”. The must-read summary of Muhammed Yunus' book: "Banker to the Poor: Micro-Lending and the Battle Against World Poverty". The main premise of the book is that credit - which is traditionally not available through commercial banks for this sector - is what is needed to break out of the poverty cycle. Today this system is practiced in some sixty countries. Type: BOOK - Published: 2017-01-30 - Publisher: Primento. They were poor because the financial institutions in the country did not help them widen their economic base.” In 2006, Grameen Bank and Muhammad Yunus were awarded the Nobel Peace Prize. $10.48. On the same lines of thoughts, he founded Grameen Bank. Though Grameen Bank was quite supported by government time to time but author also describes about the government machinery and bureaucratic processes killing both valuable time and resources. Rumors were spread to malign the image of bank. This Bank provides micro-loans to poor without collateral and works along with them to improve their quality of life. Today this system is practiced in some sixty countries. As the author comes to the end, he looks beyond for a poverty-free world –, “Poverty does not belong to civilized human society. 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