Did Muhammad Yunus Hijack the Microcredit Model? New Documents Raise Big Questions
New Delhi, Nov 26: New archival documents from the late 1970s and early 1980s have revived a long-debated question about Bangladesh’s Nobel laureate Muhammad Yunus and the origins of the microcredit model. A former Bangladeshi intelligence officer has claimed that the model was originally a university research programme and not Yunus’ personal innovation. The claims challenge decades of global recognition attached to the Grameen Bank founder.
Background: The Legacy of the Grameen Microcredit Model
The Grameen Bank model emerged in the 1970s as a method of giving small loans to low-income families without collateral. Over time, it became globally influential, even spreading to countries in Europe and the United States. Yunus received the Nobel Peace Prize in 2006 for the success and social impact of the system. For years, he has been credited as the architect of modern microfinance.
New Claims From Former Intelligence Officer
Former NSI officer Aminul Hoque Polash, now living in exile, claims he has uncovered documents from 1976 to 1983 that dispute the established narrative. According to him, the microcredit model began as a rural finance research project at Chittagong University. He states that junior researchers designed the first micro-lending experiment in Jobra village, while Yunus was assigned separate administrative duties.
Polash says the documents show institutional signatures and government involvement years before Yunus became project director. He claims he was forced to leave Bangladesh after facing alleged persecution under what he calls the Yunus regime.
Documents Point to University-Led Research Origins
Archived papers reviewed by IANS indicate that the Rural Economics Programme at Chittagong University started in 1976 under a Ford Foundation grant. Researchers named Shapan Adnan, Nasiruddin, and H. I. Latifee reportedly played major roles in the early design of the micro-lending model. A 1983 Ford Foundation letter also acknowledged the university’s rural finance programme.
The documents suggest that Bangladesh Bank had adopted plans to expand microfinance before Yunus formally joined the initiative. The programme later grew into a national scheme and became an independent institution through the Grameen Bank Ordinance of 1983. Yunus went on to become Managing Director and eventually took full control over its operations by the 1990s.
Fresh Political Allegations Against the Current Bangladesh Leadership
Polash has also made wider allegations regarding Bangladesh’s current political landscape. He accuses the present administration, which he associates with Yunus, of acting in a manner similar to the 1970s. He alleges misuse of state power, weakening of accountability systems, and policy decisions that he claims are designed to benefit individuals connected to the Grameen network. These include claims of licence approvals, tax exemptions, and withdrawal of cases.
No official response has been made public regarding these accusations as of now.
Final Thoughts from TheTrendingPeople
The new claims surrounding Muhammad Yunus and the origins of the microcredit model have triggered a fresh debate on one of the world’s most celebrated social finance innovations. While archived documents may prompt renewed scrutiny, the story remains complex and contested. Yunus’ global reputation was built over decades of advocacy, impact, and international recognition, and any reassessment of his role will require thorough verification from independent institutions. As the discussion expands into political allegations, it becomes even more important for observers to separate documented evidence from personal claims. The coming weeks may bring more clarity as experts examine the documents.