name: Grameen Bank
Grameen Bank is a microfinance organization and community development bank established by Nobel Peace Prize winners in Bangladesh. It is also known as the Bangladesh Country Bank. The bank provided loans to the poor without collateral, and thus became the poor bank.
Grameen Bank’s basic concept of micro-credit loans. The poor must have the skills to use loans to make more money. It accepts deposits, provides other services, and operates several development-oriented businesses, including fabric, telephone and energy companies. In order to support the service population, the majority of its borrowers (98%) are women.
Grameen Bank originated in 1976. Professor Muhammad Yunus of Chittagong University initiated a research project in his work to study how to design a credit distribution system that provides banking services for the rural poor. Based on his research results, it was established as an independent bank by Bangladesh legislation in October 1983.
In 2006, Grameen Bank and its founder Muhammad Yunus jointly won the Nobel Peace Prize. Its’Cheap Housing Project’ won the World Habitat Award in 1998. In 2011, Mohamed Yunusmeng was forced to resign. He said that he was over the age of the legal bank president because he was 72 years old.
In 2003, Grameen Bank began to launch a new program. Unlike traditional group-based loans, the focus of the program is to issue small loans to beggars. The small loan is completely interest-free, the repayment period can be arbitrarily long, and the borrower enjoys life insurance. For example, a small beggar who borrows about 100 Taka (about 1.50 US dollars) can pay only 2.00 Taka (about 3.4 US cents) a week.
Between 2003 and 2007, Grameen Bank began to grow substantially. As of October 2007, the number of bank borrowers was 7.34 million, and 97% of the borrowers were women. The number of borrowers has more than doubled since 2003, when the bank had 3.12 million members.
As of October 2007, Grameen Bank has more than 24,703 employees, 2,468 branches, covering 80,257 villages. In 2003, it covered 43,681 villages and provided services. 95% of the bank’s equity is held by the local poor and 5% of the equity is held by the government.
The managing director and chief executive officer of Grameen Bank is Mohammad Shahjahan. As of 2010, the company’s revenue was 1,243,583,045 million taka, operating income was 85,138,321,100 million taka, net income was 7,572,413,222 million taka, and total assets were 12,53,959,577,000 taka. As of 2011, the company has 22,149 employees.
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