Nobel laureate Dr. Muhammad Yunus: new leader of a turbulent country

In a significant development, Dr. Muhammad Yunus, the esteemed Nobel Peace Prize laureate, will be appointed the head of Bangladesh's interim government.

The decision comes after former Prime Minister Sheikh Hasina's resignation and subsequent departure, who fled the country amidst intense and turbulent protests.

Mr. Yunus, a prominent critic of Ms. Hasina, referred to the day of her departure as Bangladesh's "second liberation day."

What information do we have on the 84-year-old Nobel laureate?

A champion for the underprivileged

Mr. Yunus, one of nine children, was born into a family of Muslim merchants in the coastal city of Chittagong. At 25, he embarked on a journey to the United States to pursue his studies through a prestigious Fulbright scholarship.

He later made his way back to Bangladesh in 1971, a significant year when the nation achieved its hard-fought independence from Pakistan after a harrowing and violent conflict.

After his return, Mr. Yunus was elected to lead the economics department at Chittagong University. He quickly became deeply committed to addressing the famine that devastated Bangladesh in the mid-70s.

During a lecture at the Commonwealth Institute in London in 2005, he shared that his involvement in the poverty issue stemmed from something other than being a policymaker or a researcher. He engaged in the problem due to the pervasive presence of poverty in his surroundings.

Mr Yunus emerged as a trailblazer in the field of microcredit. This groundbreaking concept provides small loans to individuals unable to access traditional banking services due to impoverished circumstances. These loans can empower recipients to start their businesses and become self-reliant.

In 1983, Mr. Yunus established Grameen Bank, globally recognised as the leading global microcredit organisation.

Over the years, Grameen Bank has successfully served over nine million clients, solidifying its reputation as a pioneer in the field.

During a 2002 interview with the BBC, he emphasised the importance of microcredit, stating that it was necessary for the people.

"It is crucial to ensure that financial facilities are accessible to all, regardless of the label we assign to this issue. Denying financial services to half the global population is undeniably unjust," he emphasised.

Under Mr. Yunus's highly successful scheme, even previously marginalised individuals, including beggars, could access loans.

According to the Nobel Prize website, "Banker to the Poor", Professor Muhammad Yunus established the Grameen Bank in Bangladesh in 1983, fuelled by the belief that credit is a fundamental human right. His objective was to help poor people escape from poverty by providing loans on terms suitable to them and by teaching them a few sound financial principles so they could help themselves

However, some analysts have criticised the concept of micro-financial institutions, arguing that they impose high interest rates and employ aggressive debt collection practices.

Allegations and negative publicity

Mr Yunus has faced significant opposition and controversy in Bangladesh, including from Ms Hasina, the leader he is poised to succeed.

In 2007, his announcement to establish his own "Citizen Power" party drew the attention and criticism of the former prime minister.

Ms Hasina made a strong accusation against Mr Yunus, claiming he was exploiting people with low incomes. As a result, her government decided to remove him from his position as head of Grameen Bank in 2011.

In 2013, he found himself at the center of a state-backed smear campaign, which aimed to tarnish his reputation by labeling him as unIslamic and a promoter of homosexuality.

The campaign was triggered by his decision to sign a joint statement condemning the prosecution of gay individuals in Uganda.

Mr Yunus has been confronted with charges of receiving money without government permission and more recent allegations of embezzlement from a workers' benefits fund within his company.

Earlier this year, he received a six-month prison sentence for alleged violations of labor law, a charge he vehemently denied.

Then, in June, he and 13 other individuals were indicted on embezzlement charges. Despite being granted bail, he is facing over 100 cases related to labor violations and allegations of corruption.

Mr Yunus vehemently denies all charges, asserting that political motives drive the allegations against him.

Despite the controversies surrounding him, Mr Yunus maintains a strong appeal among his supporters. They argue that he is singled out due to his strained relationship with Ms Hasina.

On Tuesday, Asif Mahmud, a prominent Student against Discrimination (SAD) group figure, shared a captivating image on Facebook. The image featured a red tile with white text, which Mr. Mahmud has consistently used for numerous statements regarding the protests and their consequences.

The phrase "In Dr Yunus, we trust" was concise, consisting of only five words.