Hult joins Nobel Prize winner Muhammad Yunus to promote social business

Published By: Hult News on December 5, 2016 Press Center


Hult International Business School will work with much-accomplished social entrepreneur, economist, civil society leader, and Nobel Prize winner Muhammad Yunus to create the social business track for the school’s MBA and Masters programs.
Professor Yunus was awarded the Nobel Prize in 2006 for his work establishing the Garmeen Bank in Bangladesh, which aimed to help some of the world’s poorest escape poverty through providing loans on suitable terms, and through teaching basic financial principles to the recipients.

In addition to this work, Professor Yunus has been the recipient of numerous international awards recognizing his contributions to the fields of social entrepreneurship, technology, economics, and politics, including the U.S. Congressional Gold Medal, the Presidential Medal of Freedom, the World Food Prize, the International Simon Bolivar Prize, the Prince of Asturias Award for Concord, the Sydney Peace Prize, and the Seoul Peace Prize. Yunus is also a member of the board of directors of the United Nations Foundation.

“We’re honored to have Professor Yunus join us,” said Dr. Stephen Hodges, President of Hult. “We empower students to turn their game changing ideas into reality, and Professor Yunus is an example of somebody who has done exactly this in the micro financing and social business space. We don’t just teach entrepreneurs how to challenge the status quo, we proactively bring professionals who have done this themselves into the classroom. We look forward to Professor Yunus sharing his knowledge and experience with our future business leaders.”


Muhammad Yunus Awarded George Washington University President’s Medal

Nobel Peace Prize laureate and founder of Grameen Bank in Bangladesh was honored for his work to eradicate poverty through microlending.

From left to right: Reuben Brigety II, Muhammad Yunus, Steven Knapp. (Logan Werlinger/GW Today)

October 31, 2016

Nobel Peace Prize laureate Muhammad Yunus, the founder of Grameen Bank in Bangladesh who created a model for combating poverty through microlending, Wednesday was awarded the George Washington University President’s Medal, the highest honor the university’s president can bestow.

George Washington President Steven Knapp presented the award to honor Dr. Yunus for his pioneering work in creating economic development through microcredit during a ceremony at Lisner Auditorium.

Dr. Yunus began lending from his own pocket after seeing the effects of predatory lending and created Grameen Bank, or “village bank,” in 1983. Today, the bank has more than 8.6 million borrowers, most of whom are women, and 97 percent of the loans are paid back—a recovery rate that is higher than any other banking system. Dr. Yunus and Grameen Bank jointly were awarded the Nobel Peace Prize in 2006.

Microfinance: creativity against poverty

Special Report: FT Wealth, by: Gill Plimmer Date: 23 October 2016

Banker Muhammad Yunus talks about Grameen Bank and his lending initiative Women in Mumbai, India, gathered to hear about the benefits of microfinance © Eyevine

Muhammad Yunus is a banker who talks as if he’s an artist. The Nobel Peace Prize-winning founder of the microfinance movement that provides loans to people excluded from the financial system says he sees entrepreneurship as a creative endeavour.

“All human beings are packed with unlimited creative capacity. A job is the end of creative capacity. You take orders from your tiny boss who works above you and you fashion your life according to the desires of your tiny boss and you forget all about your creative power,” he says. “This is a shame.”

In the three decades since Yunus set up Grameen Bank in his home town of Dhaka, Bangladesh, the 76-year-old has won numerous accolades for his work and helped legions of hairdressers, basket makers and door-to-door fruit sellers to establish their businesses and escape poverty.

In August, he carried the Olympic torch in Rio de Janeiro. His model of providing small loans to people, mostly women, has been embraced across the world, from India to China, from Glasgow to New York, and has won celebrity supporters such as Hillary Clinton, the Democratic nominee for US president. He has even guest-starred in television cartoon show The Simpsons.

Professor Yunus: ‘We need rule of law’

28 May 2016

Nobel Laureate and pioneer of microcredit, Professor Muhammad Yunus has been appointed to IDLO’s International Advisory Council. Following an event to mark his joining this select body of eminent thought leaders who provide high-level counsel to the organization, Professor Yunus spoke to IDLO.

IDLO - You won the Nobel Peace Prize ten years ago, would you say the world is a safer or more dangerous place a decade on?

YUNUS - In some areas it’s safer, in some more dangerous. For example, on the environment, now that we finally came to agree the Paris deal, that is the beginning of creating a safer world.  We are very happy that step was taken and by universal consensus, the world was waiting for that. So this is very important.

In other areas, the world is becoming more dangerous because the wealth of the world is getting concentrated in only a few hands. Today 1% of the total population of the world owns 99% of the wealth of the entire world. The problem is increasing, concentration is not just staying at one level, it is getting worse. In the US election campaign, they were saying that 0.1 % of the US population own 90% of the wealth of the United States. That’s not a good thing to hear.

This is becoming a dangerous trend. We have to address it, otherwise it becomes a kind of ticking bomb. It ticks, you’re not paying attention to it, suddenly it explodes.

So we have to simultaneously do the same thing we did for the environment, mobilize world opinion and come to an agreement that we have to contain this trend of concentration, keep it how it is so it doesn’t get worse, then think how to reduce it so that more people can participate. The more wealth that is in the people’s hands, the more active the population becomes.

IDLO - You were recently appointed by the UN Secretary-General as an SDG champion. What do you think is the biggest challenge in implementing the SDGs and what can IDLO do to overcome this?

YUNUS - It is very important that we have a list of things to be done, this list that we created globally, these are the things we have to achieve. We have to bring poverty to an end, we have to bring hunger to an end, we have to create opportunities for young people, healthcare for all people and so on.

So this list is now very easy to refer to, governments can make decisions within the framework that we agreed globally, so it becomes easier for them and we can check whether we’re achieving them.

And there’s a timeframe by 2030. So year by year we can count, we can figure how far we have come time-wise, and how much accomplishment we have made, how far we have to go.

Awareness is the most important thing. Just making a list and putting it in the UN newspaper doesn’t end the whole thing. I have to, as a citizen of the world, be aware of what I have to do. So it should not just be heard in the political speeches of our leaders, it should be something that families will be talking about at the breakfast and dining table – what is happening, what can we do, how much do we have to do?

Everybody has a role to play. Citizen’s awareness is very important. I think it’s a very important aspect of the whole thing.

IDLO - As a non-lawyer, someone working outside of the justice sector, what do you think is the role of rule of law, and goal 16, in the achievement of the SDGs?

YUNUS – The rule of law gives me a framework, defines the space where I am, gives me my right where I stand.

How to ensure rule of law exists is not the interpretation of one person, it is the consensus of society on what we mean by the rule of law, a system that allows us to implement it and makes sure we feel safe with that rule of law.

That’s a very important aspect and IDLO can play an important role in that. IDLO talks about justice, ensuring justice.

What is justice, what does it mean to me, who ensures this, does justice go across the income levels or is it only justice for people at the top because they can buy justice?

Sometimes justice, the rule of law, can become a purchasable commodity, you have to buy this otherwise you don’t get it. In the legal system, you have to hire the lawyers, you have to go to the court, pay the fee, and then you get the justice. But if I don’t have anything, am I included in it?

If I’m not included, then that’s not rule of law, that’s not justice, because it’s something you have to buy.

We have to go to the fundamental issue – how to ensure justice for everyone, rich or poor, you should get as much justice as anyone else.

Just because you’re powerful, you get away without being subjected to justice. But because I’m at the lower end, all the wrong things come to me and I get pinpointed for things I haven’t done.

So that’s the kind of question we have to raise.

IDLO – You are joining IDLO’s International Advisory Council – what can you bring to it?

I’m very happy that I am included in the group and I will bring questions to the table, the questions I have kept raising in the past.

IDLO is an organization dedicated to ensuring justice to the whole world. So how do we ensure that? How does it work? How can rule of law be ensured?

IDLO – Why should the rule of law matter to ordinary people?

YUNUS – Rule of law is a fundamental right for every citizen. I feel safe, I don’t have to be subjected to unexpected violation, I know laws will protect me, I know the system will protect me, I have entitlement to this and I get it, I feel safe.

So for personal safety, for society’s sake, we need rule of law. And we need somebody, some organization like IDLO, to oversee that the system works.


Social Business Academia Report 2014

We are happy to announce that YY Foundation has put together the Social Business Academia Report, Volume 1, to bring together the experience of educational institution working in the field of social business.

Professor Muhammad Yunus says: “Young people today have all the capabilities and technologies that are needed to overcome any social problem that still exists in our society.”

The role of educational institutions is therefore key to ensure that the education supports the young generation in bringing on the creative solutions to social problems.

You can find the report at the following link. SBAcademiaReport2014

We welcome all your feedback and looking forward to get your help to put together more comprehensive report in the future, about the activity of universities and other education institutions that support young people to learn and get involved with social business. tellyseries