https://arab.news/w7pem
Muhammad Yunus, Bangladesh’s interim leader, tasked with stabilizing his country after the August 2024 popular uprising that toppled longtime leader Sheikh Hasina, left office on Feb. 16. At the age of 85, he has transitioned the country from a 15-year rule by a person who for years vilified and persecuted him to a newly elected government — a remarkable achievement by a remarkable person who has changed much of our thinking on how to empower the poorest in low-income countries, and lift them out of poverty. Yunus has also taught us that being a for-profit business and socially responsible can be complementary and not contradictory.
Meeting him in person, Yunus, who completed his Ph.D. in economics in the US, comes across as mild-mannered and humble, yet determined and self-assured. It is a combination that gave great power to two of his most significant contributions — alleviating poverty through microfinance and social enterprise. Both have in common the idea that businesses with strong social aims and a strong identity can succeed in helping people facing poverty more effectively than charities can. As the charities rely on donors and not self-generating wealth, and do not necessarily offer people the tools to stand on their own two feet in the longer term while also regaining their self-esteem.
