Divine Revelation

A blog with an Islamic perspective

Professor Mohammed Yunus along with Grameen Bank was awarded the Nobel Peace Prize for 2006. The Grameen Bank founded by Yunus pioneered the concept of micro-credit lending schemes for the poor, especially women, in Bangladesh, thus helping millions come out of poverty. I read Grameen's methodology of banking and found it to be quite similar to what an Islamic state might envisage for povery alleviation and other welfare programs with suitable modifications as Islam completely prohibits usury or interest.
(Read my earlier post on interest or usury)
Here is a chart that conveys the basic attributes of the three systems:

Posted by Arshad on Saturday, October 14, 2006.

3 Responses to “Grameen Bank and Islamic Welfare Fund”

  1. # Anonymous Asma

    A very well given Nobel Peace Prize ... Though he still should've got it in economics or soemthing but nevertheless its worthy ...!  

  2. # Blogger Javed

    I think the NPP is well deserved by Professor Yunus but what's surprising is I never read a news story or article about him until now even though he's from Bangladesh, which is India's neighbor. I wonder what the Indian press doing? Or maybe I'm just reading too many tech blogs :)  

  3. # Blogger Sadiq M. Alam

    thanks a lot for the interesting thoughts. i guess very few ppl saw this connection.


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