'We need his ideas more than ever': What Narayana Murthy said on Muhammad Yunus, the man tasked with rebuilding Bangladesh

Amid the ongoing crisis in Bangladesh, the spotlight is on Muhammad Yunus, the Nobel Peace Prize laureate and founder of Grameen Bank, who has been tasked with building the nation. 

Yunus will be the chief adviser to the interim government in Bangladesh, the coordinators of the Anti-Discrimination Student Movement announced on August 6. With Prime Minister Sheikh Hasina's ouster following a 45-minute ultimatum from the army, Yunus stressed the importance of maintaining peace and ensuring that the celebratory mood doesn’t turn chaotic. 

"It will be a volcanic eruption everywhere around us and in Myanmar... and it would be a bigger problem because a million Rohingyas are in here," he told a TV channel.

Born in 1940 in Chittagong, Yunus earned a Ph.D. in economics from Vanderbilt University in 1969. After teaching in the U.S., he returned to Bangladesh in 1972, becoming head of the economics department at Chittagong University. As Bangladesh grappled with post-independence poverty, Yunus introduced microloans, leading to the creation of Grameen Bank in 1983. 

The bank has disbursed $34.01 billion in collateral-free loans to 9.55 million people, with a recovery rate of 97.22%.

Tiff with Sheikh Hasina

Grameen Bank's success has inspired similar models in over 100 countries. Yunus’s innovative approach earned him and the bank the Nobel Peace Prize in 2006. However, his relationship with former Prime Minister Sheikh Hasina has been tumultuous. After flirting with political ambitions post-Nobel win, Yunus faced multiple investigations and legal challenges from Hasina’s government.

Yunus’s Grameen Telecom was found guilty of violating labor laws, resulting in a six-month jail sentence for him and three other directors. He faces over 150 legal cases, including tax evasion and unauthorized receipt of funds. His removal from Grameen Bank in 2011 for alleged retirement regulation violations also drew international criticism.

Global figures, including Barack Obama and Ban Ki-moon, condemned the "judicial harassment" of Yunus, fearing for his safety and freedom. Despite these challenges, Yunus remains a vital figure in social entrepreneurship and economic development.

Beyond microfinance, Yunus has championed the model of "social business," focusing on impact-first entrepreneurship to improve healthcare, education, the environment, and societal well-being. Despite being 84, Yunus remains active, inspiring young entrepreneurs globally to adopt his approach and challenging corporate leaders to integrate social business into their practices.

In a column to the Print, Infosys co-founder Narayana Murthy praised Yunus as a transformative figure in social entrepreneurship. "In today’s troubled world, we need Yunus and his ideas more than ever," he wrote.