Champions of Human Rights Muhammad Yunus (b. 1940) Economist and
Nobel Peace Laureate Muhammad Yunus has become internationally
renowned for his revolutionary system of micro-credit (small
loans to entrepreneurs too poor to qualify for traditional bank
loans) that has helped millions to escape poverty. Born in the
seaport city of Chittagong, Bangladesh, Yunus’ life is motivated
by his vision of a world without poverty. It began in 1976, when
he saw village basket weavers living in abject poverty despite
their skill. Considered poor credit risks, the artisans were
forced to borrow money at high interest rates to purchase bamboo
and made no profit after repaying moneylenders. From his own
pocket, Yunus made a loan to a group of women who repaid the
funds and, for the first time, made a small profit. Yunus
realized that by means of small loans and financial services, he
could help the poor free themselves from poverty. In 1983, he
established the Grameen (Village) Bank, founded on his
conviction that credit is a