Do you notice the beautiful scarfs over their heads?
It is all handmade by the villagers in Bangladesh. The delicate embroidery and detailed patterns made it extremely unique. A piece of scarf like such would cost about 50-150MYR. The villagers however, earn a relatively low amount of profits because of the high competition in sari industry in Bangladesh. Surrounded by the darkness of poverty, it is difficult to make a decent living for the people in Bangladesh, especially those living in rural areas. Most villagers result to borrowing money from loan sharks which end up to a high level of debt. As a result, the debt continues to pull them into the realm of poverty.
It is all handmade by the villagers in Bangladesh. The delicate embroidery and detailed patterns made it extremely unique. A piece of scarf like such would cost about 50-150MYR. The villagers however, earn a relatively low amount of profits because of the high competition in sari industry in Bangladesh. Surrounded by the darkness of poverty, it is difficult to make a decent living for the people in Bangladesh, especially those living in rural areas. Most villagers result to borrowing money from loan sharks which end up to a high level of debt. As a result, the debt continues to pull them into the realm of poverty.
Dr. Muhammad Yunus was conducting a research to “examine the possibility of designing a credit delivery system to provide banking services targeted at the rural poor.” (Grameen Bank) when he discovered that 42 women owe a total amount of $27 to loan sharks. Out of compassion, with his personal loan he settled their debt. After further research, he found out that most of the women in the villagers needed an average amount of $1-$3 to start a business of their own. Despite that small amount, banks are reluctant to lend money b
He developed an idea to alleviate the destitution in his country.
Grameen Bank was established as an independent bank in 1983 with the aim to extend banking facilities to the poor. Unlike normal banks, the poor are able to borrow money without requiring collateral (microcredit). Dr. Yunus’s objective is by assisting them with tiny amount of money; it will create an intrinsic motivation to develop a personal initiative and enhance their creativity to produce goods that will help them to gain a sustainable yet sufficient income.
Grameen Bank was established as an independent bank in 1983 with the aim to extend banking facilities to the poor. Unlike normal banks, the poor are able to borrow money without requiring collateral (microcredit). Dr. Yunus’s objective is by assisting them with tiny amount of money; it will create an intrinsic motivation to develop a personal initiative and enhance their creativity to produce goods that will help them to gain a sustainable yet sufficient income.
He was awarded the 2006 Nobel Peace Prize award for his effort. However, in March 2011, Dr Yunus was relieved of his duties by the Bangladesh government due to ‘noncompliance’ because his of age that is over the retirement age in Bangladesh and the failure of approval from the Central Bank to appoint him as Managing Director.
In my opinion, I think the government’s move to relieve Dr Yunus’s position is a part of a political movement. No further comments.
In my opinion, I think the government’s move to relieve Dr Yunus’s position is a part of a political movement. No further comments.
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