Muhammad Yunus, a Nobel laureate and microfinance pioneer, is set to become the interim leader of Bangladesh, overseeing a temporary government intended to help stabilize the South Asian nation after a month of political violence.
Yunus was named to the post-Tuesday, a day after Prime Minister Sheikh Hasina resigned and fled the country. He was the choice of the student groups that led the popular uprising against her.
One of Bangladesh’s best-known citizens, Yunus was among those Hasina considered a political threat for years, her critics say. Now, those who ousted her have propelled Yunus, 84, into one of the most powerful positions in the new government.
Here’s what to know about Yunus and his rise in Bangladesh:
He received the Nobel as a microfinance trailblazer.
Yunus was born in 1940 in the city of Chittagong. He went to the United States on a Fulbright Scholarship in the 1960s and received a doctorate in economics from Vanderbilt University. He returned to Bangladesh in the early 1970s and launched a project that gave small loans to the poor. In 1983, that service became Grameen Bank.
The bank grew steadily in the next decade, and its success, especially in extending loans to women, inspired microfinance projects in dozens of countries and garnered praise from world leaders.
Yunus and Grameen Bank received the Nobel Peace Prize in 2006 for what the prize committee described as their efforts to provide financial opportunities to the poor.
The model was not favored by all, though. Some microfinance operators faced accusations of charging exorbitant interest rates and of predatory lending to the poor.
His political party rankled some leaders.
With the success of Grameen Bank, Yunus’ stature grew internationally and at home.
Despite his popularity, he largely steered clear of politics, but that changed in 2007 when Bangladesh was under a military-backed interim government. Yunus launched a political party, offering an alternative to a corruption-riddled political establishment.
That party didn’t last long, and Yunus abandoned the idea. However, by then, analysts said he had offended some powerful figures, including Sheikh Hasina.
He is mired in a flood of court cases.
Hasina came to power through the 2008 election, winning a large majority and promising a prosperous return to democracy after years of political turmoil. But Hasina’s critics say she used her power during her 15-year tenure to launch a campaign of reprisals against her political enemies and others who threatened her rule, including Yunus. Hasina accused microfinance lenders of “sucking the blood of the poor.”
Yunus’ leadership style at Grameen Bank was not always popular, and there were some questions about the bank’s conduct.
As of September, according to New Age, a Bangladeshi news outlet, he faced 174 court cases, including charges of corruption. However, for years, rights groups have said that dozens of cases against him qualify as intimidation and political retaliation.
Yunus has denied any wrongdoing.
This article originally appeared in The New York Times.
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