Yunus Centre :: PUBLIC LETTER FOR SUPPORT FOR DR. YUNUS AND THE GRAMEEN BANK

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PUBLIC LETTER FOR SUPPORT FOR DR. YUNUS AND THE GRAMEEN BANK

January 19, 2011

Dear Professor Yunus and the Grameen Bank Family,

As academics and professionals working at home and abroad, we write to express our gratitude and support for the enormous contributions made by micro-credit, by you and by the Grameen Bank (GB) to the task of poverty alleviation in Bangladesh and worldwide.

The GB, micro-credit as a poverty alleviation strategy, and you personally - have come under criticism in recent days. Although, no idea, person or institution should be above criticism or the law, we believe many of these criticisms are ill-informed and wanting in context and perspective. We must not allow any minor administrative lapses to cause the nation to lose sight of the enormous good that has been achieved through micro-credit; nor should we float a political balloon on the issue in order to enable naysayers to deny Bangladesh's most innovative solutions in the struggle against poverty. The world is watching to see how we treat one of our finest institutions, and its founding leader.

We are happy to see that you have welcomed an inquiry, and have responded, publicly and frankly, to questions from the media. Further, many esteemed citizens, including Professor Rehman Sobhan, have spoken eloquently and judiciously in support of your lifework and the institutions you have built.
Your work has received international acclaim, and also much scrutiny. As Bangladeshis, and citizens of the world who care about a better world, we are proud of these achievements. Over three decades you have served the cause of the poor and disenfranchised, especially women, at home and abroad. Your uplifting messages - every person is born an entrepreneur; just because one is poor does not make one unworthy of credit; believe in yourself and create your own employment and the future you wish to have - have impacted the lives of many. Your books and speeches, and the many awards, including the 2006 Nobel Prize for Peace, have done much to bring the problem of global poverty to the forefront of the UN agenda and government efforts.

Your partnerships with President Bill Clinton on extending the scope of philanthropy, with Bill Gates and other business and political leaders on the concept of Social Business, have brought exciting new ideas, technologies, talent and resources to bear on this most difficult
challenge faced by the civilization today. You have presented and implemented innovative
solutions. From the 27 borrowers in Jobra, Chittagong, your modest experiment in banking has become a global movement lifting millions out of poverty. The work of the GB and the micro-credit model you pioneered has stood the test of time, culture, and geography. There has been a silent revolution uplifting millions of poor, and the status quo has been upended for the better. Sir, you are a dreamer who has demonstrated the courage and genius to realize your dream of ending the misery of extreme poverty. We salute you for staying the course.

Although much has been achieved, there is much more that needs to be done. Millions of people in Bangladesh and billions across the globe remain mired in poverty with no access to institutional credit, education, clean water, or health care. Through a network of companies and partnerships - Social Businesses - you are trying to employ the power of markets to alleviate poverty. We applaud these efforts. We also note with great satisfaction that your work has inspired the young in many societies to dedicate their time to serve the poor. We wish you and the Grameen Bank family all success in the future, and look forward to assisting this noble cause in any way we can.

Sincerely,

1. Dr. Munir Quddus - Dean, College of Business and Professor of Economics, PVAMU, USA (contact person: This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
2. Dr. Salim Rashid - Professor of Economics, University of Illinois, Urbana-Champaign, USA
3. Dr. Ruhul Kuddus - Associate Professor of Biology, Utah Valley University, USA
4. Dr. Farida Khan - Professor of Economics and Co-Director, Center for International Studies, University of Wisconsin, Parkside, USA
5. Dr. Faizul Islam - Faculty, University of Maryland University College, Washington DC, USA
6. Dr. Halimur Rashid Khan - Professor of Business Administration, Eastern University, Dhaka
7. Dr. Zahid Hussain, Banani, Dhaka
8. Dr. Mahmudul Anam, Professor of Economics, York University, Toronto,Canada
9. Dr. Farhad Ameen - Professor of Economics, Westchester Community College - State University of New York, Valhalla, NY, USA
10. Dr. Rahim Quazi, Associate Professor of Economics, Director, Center for International Business Education, PVAMU, USA
11. Dr. Ahsan Habib, Professor and Chair Economics, Adrian College, Michigan, USA
12. Dr. Tanweer Akram, Private sector (asset management), Atlanta, GA, USA