Sheeba Singh

September 1, 2010- Today, Carleton University awarded Muhammad Yunus, founder and managing director of Grameen Bank, with an honorary doctorate. Seats filled with an eager audience listened intently as the ceremony began. Commencing with the national anthem, followed by an introduction from the university’s President, the Chancellor officiated the ceremony as Dr. Yunus was honored. A merit, according to the university’s President, long overdue and well deserved. Winner of Nobel Peace Prize, author, economist and social entrepreneur resonated inspiration simply by walking onto the stage of Kailash Mittal theatre today.

Ofcourse, the ceremony does not compare to the words recited by Muhammad Yunus himself. Dressed in a kurta-pajama and white vest, he jested with, “Thank you so much for the honor.. I am speechless… and that’s all.” A man of action, Muhammad Yunus took his skill in economics into the field and began researching the loan system of the village around the campus where he taught in Bangladesh around 1974. With a student by his side, he was able to learn, after speaking to around 50 people, that the total amount loaned was a mere $27. This, he took upon himself to return to the bank on their behalf, and began something of a miracle. “Just $27 made me an angel in the eyes of the people. That made me think, with another $27 I could become a super angel,” Muhammad Yunus laughed.

By 1983, after dealing with the banks, Dr. Yunus put together a bank owned by the borrowers. An idea, considered “absurd” by many. “Today, $8.3 million have been loaned with 97% of our clients being women.” The system also ensures education is granted to every child. Education loans have been developed for post-secondary students. A loan, advantageous for thousands of students already.

“This is transforming the structure of family for the coming generations.” And I could not agree with him more. Where, once a system existed which disengaged able bodied women for obtaining any educational qualification, Grameen exists to ensure otherwise. The loans are generating doctors and the likes out of young women. They are becoming successful and independent individuals.

Dr. Yunus blames the system that sees the world through a money making lens for creating poverty. He adds banks have no reason to reject people, and turn them away from a loan. Grameen America was introduced to New York in 2008, and continues to flourish. “I wish they (the “big banks”) asked me who is credit worthy,” Yunus claims. Through the misinterpretation of human beings as selfish has resulted in a self-centered approach. The Grameen Bank, a “social business,” accounts for the selfless population. This kind does not focus on maximizing returns, but the problem it intends to solve. For example, a yogurt developed by the business enriched with the essential nutrients is provided to families with malnourished children at affordable prices to retrieve their health. “The company’s goal is to enrich the children and recover their costs so that owners can retrieve their investment.”

His concluding remark, leaving you with nothing less than a smile continued, “By challenging your creativity and ability in a world (through social business) we can eliminate poverty…We should create poverty museums for the future generations.. Because soon, there will be no poor people.” I would continue that and say, “Just opportunities through the rise of the selfless economist.”

Speaking to the inspiration himself after the assembly was surreal. He is a man of true passion, good heart and a sturdy hand shake. A gentle smile adorned his calm face through the afternoon with every meet-and-greet. Here’s to Muhammad Yunus, a real do-er!