Grameen Bank 🏦: a debt trap for the poor? - UpFront

Grameen Bank was founded in 1983 with the goal of helping poor people in Bangladesh and around the world, by providing credit to the poor, with small loans to aid them in establishing their own businesses. The bank grew rapidly and has received a lot of acclaim as a solution to poverty.

Although economist Muhammad Yunus received the 2006 Nobel Peace Prize for founding Grameen, critics say that this model has actually created a debt trap for some of the poor it tried to help. There were also isolated reports that lenders had repeatedly harassed borrowers, and that some of those who had defaulted had been forced to sell their organs to pay back the loans.

The author of the new book A World of Three Zeros: The New Economics of Zero Poverty, Zero Unemployment, and Zero Net Carbon Emissions and the “father” of microfinance, Muhammad Yunus, joins us to discuss Grameen Bank.

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[TubaAkhter-wc]

He is now the current prime advisor ( Equal as the prime minister) of bangladesh

[rightclick]

I am from Bangladesh and have seen many people, especially women, benefit from Grameen Bank's microcredit loans. However, a significant problem arises when some fraudulent individuals, often affiliated with political parties by dictator shekh hasina, misuse these loans. Specifically, certain individuals have taken out loans from Grameen Bank in the names of poor people and misused the funds. This misuse, driven by jealousy, has unfortunately tarnished the reputation of Grameen Bank.

[foysalahmednur]

From Bangladesh ;
I grow up here . we also taken grameen loan from grameen bank.
some of cases as i saw in my childhood. they used to do that if someone taken loan from them for small business somehow they failed. but grameen bank team didn't taken any responsibility or didn't given them any demarage for reopen business.
also i have seen so many times they taken poor people one and only shelter, taken cows etc.
lastly for that reasons my parents are not taken any loan from grameen bank. in my village grameen bank just made traggedy.

[iAmSaadKhandakar]

Here in Bangladesh Dr Yunus is not a person liked by the autocrat govt so they've advertised many propaganda against him. They've taken some of his properties and also forced him to sell off huge share of some of his companies to the people of the govt party and etc.

[iMusikkForeva]

Nah, this is a good man with clear views and methods to execute them. Leave him alone and let him do what he's been doing. Its lifted millions out of poverty so ther's no need to focus on one or 2 (perhaps false) stories to discredit the entire institution that has worked so well till now.

[aljazsavic]

Grameen Bank is great idea and dr. Yunus is a great man. I read his book Creating the world widout poverty and i am sure that his purposes are clean as a glass. But you can never satisfy all people; some people are glad that poverty exist, because it is easier to exploit these people for increase theis own wealth.

[arshadkarim]

I am from the same province of Sir Dr Muhammad Yunus. We r proud of professor professor yunus. May you live long.

[FoysalFurqanRafi]

I know at least 20 people personally who took this type loan even from Grameen Bank. Apart from organ selling other allegations are 100% true in my village and nearby ones. THERE IS PUNISHMENT for not paying the loan. An organisation destroyed a womans home for 10 dollar loan in Chittagong. Interest is haram for a reason.

[sonaramtudu]

The difference between other and gramin bank is about the board member. In other company you will not find client as board member.

[ashishkalam]

The problem with any good institution or corporation is that the government officials pressure them to take their agents or people affiliated to their party as highly designated officials in these companies.
For example the principal of one of the best schools in my country got his job because he is a relative of the local Minister (Member of parliament). Grameen Bank may have been also infiltrated by Government affiliated people. Dr. Yunus earned his Nobel prize and none of that credit goes to the government. That is why they try to sabotage his work. Any high paying or influencial job is held by someone who has the government to back them up when they commit a crime.
If Grameen Bank had actually been corrupt, the truth wouldn't even be available to the journalists.

[nurysjn]

We respect our great wiseman Dr. Muhammad Yunus.

[zicachu]

leave him alone, let him do good things for the world. It's easy to criticize someone who try to change the world, while the person who criticizes just sits down talking.

[shorifsumon]

That's what Dr. Muhammad Yunus for you!
Great Response Sir!!
You nailed it!!

[khajamalikmdebneysadi]

Leader of the World. Wish him great success in his new journey in BD.

[mohammadtamim]

Why the interest of Grameen Bank is so high compare to other bank in Bangladesh? What's the policy if someone fail to pay back the loan?

[Chainless_Slave]

Haram! Anyone who charges interest is waging a war against Allah and his messenger.

[sabrinasabrina]

NORAD knows many things about this man. He is a shame. More interviews should be made by intrrnational medias about the large amount of money he was dealing with. Donars should ask where their money went.

[Abraham-ukxy]

Yes charged super high interest rates taking advantage that no one would give them loans. The ladies were highly responsible. Thry paid back in tull and on time. Nothing spectacular there in micto financing.

[paulspice]

Well said Mr. Yunus, they are jealous

[blackdaylight]

Time always reveals the truth of the failure of neoliberal capitalist schemes