"Trust Based Banking"
In a financial world marked by greed and corruption, it is amazing to hear that a bank lends collateral-free money to the poorest people and thrives. Imagine getting money to people in need without give away programs. Nobel Peace Prize winner Muhammad Yunus has done this in India and has been a model for similar programs all over the world including the US.
Personally, I am amazed and delighted to see that this idea is working. Surely, this is the kind of story that can re-focus our attention in a positive direction. The following is from the Garameen Bank's web site. Please follow the links and see what you can do to support this worthy organization.
Inspired by the work of Grameen Bank in Bangladesh, Grameen Foundation was created to help share the Grameen philosophy and accelerate the impact of microfinance on the world’s poorest people. Started in 1976 by Professor Muhammad Yunus with a mere $27 from his own pocket, Grameen Bank today serves more than six million poor families with loans, savings, insurance and other services. The bank is fully owned by its clients and has been a model for microfinance institutions around the world.There is a good article on this subject from the Seattle Times here.
Although they are independent organizations, Grameen Foundation and Grameen Bank maintain an enduring relationship. Grameen Foundation replicates the success of Grameen Bank internationally by supporting microfinance institutions that embody its vision and values. Professor Yunus is also a founding and current member of Grameen Foundation’s board of directors.
Congratulations to Muhammad Yunus and the Grameen Bank on winning the 2006 Nobel Peace Prize. Learn more >Grameen Bank at a glance (Grameen Bank website) >
