15 October, 2006

Needed - a Dr.Yunus for every Gulf state!

The awarding of Nobel Prize for Peace (instead of Economics) to Dr Mohammad Yunus could perhaps be one of the many controversial decisions that the Nobel Prize Committee has taken for the Peace prize over the years. However, it cannot be denied that Dr Yunus well deserved this kind of world recognition – esp. since his feat and achievement is perhaps a slap on the face of conventional banking as we know it! Ever since I read about him in "The 8th Habit" - a book by Stephen Covey, I’ve been feeling a mix of excitement and agitation.

Microcredit” – the core system he pioneered and implemented in his “Grameen Bank” is perhaps not something new. In simplest terms, we all lend small amounts of monies to friends / acquaintances for a short period, against trust / emotional bonding we develop with them. However the flesh and blood he has put into the idea is a success story in itself.

The system has been copied in more than 100 nations, and even though economies of UAE / GCC are far stronger than Bangladesh, I feel the model can be utilized in this region too!

ADDENDUM: Today's Gulf news Print editorial rightly comments "...It wasn't about money... It was about respect..." I strongly feel the model would be able to give that respect to thousands of Gulf workers here. (Read more...)

11 comments:

Sans said...

Back in 1973 they awarded the Nobel Prize for Peace to Henry Kissinger. That's the sort of legacy Nobel Prize for Peace has had over the years -- rewarding Politicians with an award for brokering a deal.

It is just an illusion that peace arrives when guns go silent.

In Mahatma Gandhi's words, "Poverty is the worst form of violence."

Dr Mohammad Yunus deserves the Nobel Prize for Peace.

dredge said...

I need a microcredit loan to start a fast food joint! You think I qualify?

Doubleletter said...

Bravo !

Anonymous said...

for gulf states... the thought sucks dude .... gulf states dont need no micro credit...

shansenta said...

SANS...
you're right to a large extent, and that's why perhaps the Nobel Committee clarified it's decision this time.

In recent times, I feel it's more appropriate to observe that:
Poverty catalyses the growth to (nasty) politics
Examples from the sub-continent and the dark continent are just too many to start counting!

dredge...
sure you qualify... but before that your credibility factors needs to be checked before you actually get it. :) :)

Thanks doubleletter... for Dr Yunus!

shansenta said...

anonymous...
at your current level of income and lifestyle, particulary YOU may not need it...
But just open up your mind, read the full post and links, and think of the current plight of the thousands of the laborers and workers employed in the Gulf states... you'll have your answers.

Lirun said...

i covered this on my blog too.. i think its a fascinating development..

benchmarking peace against money.. raises some mind boggling questions..

but nice idea anyway

DG said...

Shansenta, I agree with you. Dr Younis's model should be replicated here too to give people more choice. He really deserves the recognition & reward for making a positive change in the lives of so many people.

The conventional banking system in my opinion is based only on exploiting & sucking the blood of people.

bandicoot said...

Shansenta - there is a big difference between lending money to friends and Dr. Younis's idea, i.e., lending to strangers, knowing they are poor and have no collateral except for their skills, for the purpose of establishing small businesses, and doing it in large numbers through institutions. Except perhaps for the idea of "helping someone in need", this is a very different model from passing some money to friends when they need it.

shansenta said...

dg... you got the idea straight...thanks! I wish some of the policy makers could see the point too!

bandicoot... Thanks for raising the point.
There's indeed a difference between lending money to friends and micro-credit;
However the 2 basic premises on which both transactions happen (and this is why the comparison!!):
1) you're lending on the collateral of "trust", considering that this friend/poor man is "lendable" (if I may coin the word!)
2) the amounts most often you're ready to lend to a friend, and generally to a micro-debtor is very small - so risks are lower in case of a default!
Agree?

M Momin London said...

Like everyone else, I feel proud for the fact that DR. Yonis gave us a new identity. Well done Dr Younis for your outstanding achievment.
M Momin London
www.momins-world.com

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