Muhammad Yunus Sacked from Grameen Bank

Muhammad Yunus was sacked from Grameen Bank’s managing director (MD) by the Bangladesh Bank.

Muhammad Yunus, Manging Director of Grameen Bank

Prof Muhammad Yunus, Manging Director of Grameen Bank

Bangladesh Bank sent a letter to Muhammad Yunus saying that Younus was sacked from Grameen Bank. Bangladesh Bank said: “Since the reappointment of  Muhammad Yunus was made without taking approval of the Bangladesh Bank, in line with Section 14 (1) of the Grameen Bank Ordinance-1983, it is not legal for him  to hold the position of managing director of Grameen Bank and perform duties in this capacity.”

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According to Grameen Bank ordinance, One can not continuing his duty after age 60 years old. Prof Muhammad Yunus is now 70 years old. He has been holding the Managing Director position of Grameen Bank since 1983.

In response to Bangladesh Bank’s claim, Jannat-E-Quanine, general manager of the Grameen Bank, had issued a statement saying, ‘There is no directive on Prof Yunus to cease functioning as managing director nor is there any suggestion of his being removed from this post.’

Prof Muhammad Yunus won the Nobel Peace prize along with the Grameen Bank in 2006 for his work making small loans or micro credit to poor entrepreneurs, was serving as a whole-time officer and the chief executive of the Bank. Yunus is also the founder of Grameen Bank and micro credit.

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