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>Posted by Center Staff
There is great concern in the microfinance world and beyond regarding government efforts to take over Grameen Bank. Todd Bernhardt, Director of Marketing and Communications at the Grameen Foundation, has written a thorough and thoughtful summary of the latest developments as part of the Grameen Foundation blog. The post begins:
As you might have read in the news this week, the Bangladeshi government seems to be moving into the end game in its longtime effort to take over Grameen Bank, a move that has been widely criticized within Bangladesh and around the world. To brie
fly summarize, the cabinet – presided over by Prime Minister Sheik Hasina – voted on Thursday to amend the Grameen Bank Ordinance of 1983, effectively removing the Board of Directors’ right to choose the Bank’s Managing Director, and vesting that power instead in the Board’s government-appointed (and aligned) chairman…
To continue reading the rest of the article on the Grameen Foundation blog, please click here.
Image credit: banglanews24.com
Have you read?
U.S. Women Senators Unite in Support of the Women of Grameen Bank
> Posted by Center Staff
A great deal of misinformation has circulated around the Web about the recent confrontation between Prof. Muhammad Yunus/Grameen Bank and Bangladesh’s government.
We’re passing on this short, factual summary because it’s important for people to know about that chain of events. It’s a new document from the Friends of Grameen.
It contains links to all the key documents for those who want to dig deeper, as well as Prof. Yunus and Grameen’s side of the story, which is not always reflected in press accounts.
Image credit: RocketOOO
Have you read?
Microfinance Leaders Strive to Walk the Walk
13 Key Institutions in Microfinance Industry Sign Open Letter Supporting Muhammad Yunus
Who Has Muhammad Yunus’ Back?
> Posted by Center Staff
More than a dozen institutions with high-profile roles in the world’s microfinance industry today released an open letter in support of Dr. Muhammad Yunus as he grapples with a harsh attack by the Government of Bangladesh.
The level of unity shown here by the industry is unprecedented.
The letter reads, in part: “We are increasingly concerned and dismayed with the troubles Nobel laureate Muhammad Yunus is facing in Bangladesh … We deeply deplore this lack of justice and unproven allegations that not only impugn Dr. Yunus’ character and the integrity of his flagship bank, but reach much further.”
“Dr. Yunus has played a seminal role in the development and recognition of microfinance … He has our strong support, and our wishes for a just and speedy resolution to this sad turn of events,” add the signatories.
The open letter is signed by: Read the rest of this entry »
> Posted by Center Staff
In Bangladesh, the ugly events of the last few months have reached a climax, and everyone in the microfinance industry would do well to wake up — and speak up.
What’s afoot? As the Financial Times puts it: “After publicly denouncing the founder of Grameen Bank for corruption and of ‘sucking the blood’ of the poor, Dhaka has limply resorted to a legal technicality to remove the Nobel Prize winner from the board of the microfinance institution.”
What’s at stake? In the words of Sam Daley-Harris, the director of the Microcredit Summit Campaign, this is “the latest move in a campaign to persecute Prof. Yunus and undermine the independence of Grameen Bank.” And because Grameen has yet to comply with Dhaka’s dictates, as the Financial Times observes, the deadlock resulting from this “political score-settling” can hurt only “both the bank and the wider microfinance industry.” Read the rest of this entry »
> Posted by Center Staff
The thrust:
“Sacrificing Microcredit for Megaprofits,” Dr. Muhammad Yunus’ piece on the opinion pages of the The New York Times on Friday, January 14th. The Nobel Prize winner makes his point: “I never imagined that one day microcredit would give rise to its own breed of loan sharks.”
The parry:
“Muhammad Cronus?,” Matthew Bishop’s next-day response on the blog Philanthrocapitalism. The US business editor and New York bureau chief of The Economist counters: “[T]he idea that leading commercial microlenders like SKS and Compartamos are loan sharks is outrageous.”
The riposte:
“If Mr Yunus has his way,” Bishop writes, “[the] supply of growth capital will be choked off and hundreds of millions of people will be left waiting for financial inclusion.”
> By Center Staff
Yesterday we reported that “Caught in Micro Debt,” Tom Heinemann’s new documentary, alleged misuse of Norwegian donor funds by Dr. Muhammad Yunus’ Grameen Bank.
This hatchet job brought Heinemann his seconds in the spotlight — and caused great anguish to the people and institutions whose integrity he attacked.
The Norwegian foreign ministry on Wednesday stated that “no Norwegian money is missing or unaccounted for,” according to the BBC. Read the rest of this entry »
> Posted by Center Staff
Taking a swipe at a Nobel Prize winner is a sure way to grab some headlines, as documentary film-maker Tom Heinemann is proving.
Heinemann’s film “Caught in Micro Debt” is a broad critique of microfinance, but the headline that has grabbed most of the attention is the accusation of dubious activities by Muhammad Yunus’ Grameen Bank — activities involving use of aid funds in ways different from those intended by Norwegian and other donors.
The accusation is significant, though it is important to note that there is no intimation of use of the funds for purposes unrelated to microfinance or for personal gain. Whatever the merit of the charges leveled at Dr. Yunus, it’s clear that Heinemann had to dig long and hard for his material. A long time has elapsed since 1998, where Heinemann sets his tale. And that is why it is hard for observers (like us) to know exactly what happened at that time.
Lack of clarity about the facts doesn’t stop the blogosphere and media from opining, of course, or from uncritically transcribing interested parties’ opining. Here are links to four pieces offering early snapshots and spin:
• The BBC’s Ethirajan Anbarasan takes a mostly just-the-facts approach in “Grameen founder Muhammad Yunus in Bangladesh aid probe”, noting that “Norwegian authorities say they have no suspicions of tax fraud or corruption committed by Grameen Bank.” However, Heinemann’s parting overgeneralization that “poor people are getting into more and more debt because of micro-credit loans” goes unchallenged. Read the rest of this entry »
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