Listen to RFI News
Expand Player
Listen Download Podcast
  • Paris Live PM 1300 - 1400 GMT
    News bulletin 09/19 13h00 GMT
  • Paris Live PM 1300 - 1400 GMT
    News bulletin 09/18 13h00 GMT
  • Paris Live PM 1300 - 1400 GMT
    News bulletin 09/17 13h00 GMT
  • 13h00 - 14h00 GMT
    News bulletin 04/05 13h00 GMT
  • 13h00 - 14h00 GMT
    News bulletin 04/04 13h00 GMT
  • 13h00 - 14h00 GMT
    News bulletin 04/03 13h00 GMT
To take full advantage of multimedia content, you must have the Flash plugin installed in your browser. To connect, you need to enable cookies in your browser settings. For an optimal navigation, the RFI site is compatible with the following browsers: Internet Explorer 8 and above, Firefox 10 and +, Safari 3+, Chrome 17 and + etc.

Microcredit pioneer Mohammad Yunus sacked

media Mohammad Yunus World Economic Forum

Bangladesh’s Grameen bank is challenging the sacking of its managing director, the pioneer of microfinance, Mohammad Yunus.Yunus was sacked because he was appointed managing director in 2000 without prior approval from a major stakeholder, the Bangladesh bank.

The order to sack him came from the central bank, but Grameen bank legal advisers say his appointment was legal.

Yunus and his microfinance activities have come under fire from the government and sections of the media, who say he and his bank have been exploiting the poor.

“While microcredit has done a lot, there were problems which were recognised in Bangladesh and talked about,” says Shahid-ul Alam from the capital Dhaka. “But this issue was taken without any kind of political appraisal by the West at large.”

Last December a Norwegian documentary accused Yunus of transiting aid cash from Norway into side accounts in various banks to make money.

He also had a run-in with prime minister Sheikh Hasina after he tried to set up a political party in 2007.

“What is happening now has very little to do with those particular frailties of the Grameen model,” says Alam. “For this suddenly to become a problem would suggest there’s something else afoot.”

Yunus won the Nobel Peace Prize in 2006.

Sorry but the period of time connection to the operation is exceeded.