At the same time, commitment and belief shown by the author leave the reader with an energy and enthusiasm for transformation. Book is far outdated in terms of data. Shanti The Banker to the Poor Muhammad Yunus is a Bangladeshi banker and economist. But, since the principles and policies of the bank were totally people-focused, opposition relented under social pressure and people’s support to the Grameen Bank. Banker to the poor tells the enthralling story of Muhammad Yunus, who set up the Grameen Bank in Bangladesh to lend tiny sums to the poorest of the poor, who were shunned by ordinary banks. Four years later, in 1982, Bank launched its operations to five more districts with the support of Ford Foundation and IFAD. This autobiography of the world-renowned, visionary economist who came up with a simple but revolutionary... Readalikes. 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 … While a professor at Chittagong University, Yunus began to take notice of the extreme poverty of the villagers around him. In 2006, Grameen Bank and Muhammad Yunus were awarded the Nobel Peace Prize. Institutionalized banks denied the poor any loans due to the absence of collateral. His father was a jeweler. "It was she," says Yunus, & Banker to the Poor: Micro-Lending and the Battle Against World Poverty is a 1999 autobiography by Muhammad Yunus, who founded Grameen Bank. In last three sections, author describes the philosophy of the organization with a view on the future. The answer was credit, so Yunus founded a bank to provide it - Grameen Bank. ‘Banker To The Poor’ is the story of Grameen Bank; written by its founder, Muhammad Yunus. Banker to the Poor is also the story of how Bangladesh's terrible 1974 famine underlined the need to enable its victims to grow more food. 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. But this success came with strings and government took the ownership of the bank. Book Summary -- Banker to the Poor Published by Thriftbooks.com User , 15 years ago Founded in Bangladesh by Muhammad Yunus in 1976, the Grameen Bank is one of the most successful attempts ever to employ capitalist principles to achieve social goals. Complete summary of Muhammed Yunus' book: "Banker to the Poor: Micro-Lending and the Battle Against World Poverty". Publication date 2007 Topics Yunus, Muhammad, 1940-, Grameen Bank, Bankers, Social reformers, Microfinance, Rural poor Publisher New York : PublicAffairs Collection Paperback. Today this system is practiced in some sixty countries. The must-read summary of Muhammed Yunus' book: "Banker to the Poor: Micro-Lending and the Battle Against World Poverty". The book describes Yunus’ ideas surrounding money and how the world’s banking and financial systems could be revolutionized in order to eliminate poverty. He believes that poverty is not created by poor but it results from the social structure and negligence and shows faith that a poverty-free world is achievable. Yunus has a dream of helping the poor to help themselves. He observed that the residents of the nearby Jobra village were trapped in the vicious circle of debt from money lenders who charged an exorbitant amount of interest. Grameen bank never used the judiciary in seeking loan repayment. 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. These institutions even go to the extent of bribing the government officials and politicians to achieve their targets. Today 94% of their borrowers are women. Muhammad Yunus: Banker to the Poor essaysMuhammad Yunus grew up in Chittagong, the largest port city in Bangladesh. 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. 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”. In it he traces the journey that led him to rethink the economic relationship between rich and poor and recounts the challenges he and his colleagues faced in founding Grameen. 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