Doha: Chief Adviser Professor Muhammad Yunus emphasized the importance of access to finance in promoting sustainable development, good governance, and the empowerment of women and youth. Speaking at the Earthna Summit in Doha, Qatar, Prof Yunus highlighted the necessity of creating systems that serve humanity, particularly those marginalized and left behind.
According to Bangladesh Sangbad Sangstha, Prof Yunus argued that a new kind of economics, focused on people rather than profit, could play a significant role in building resilience and reducing inequality. He described social business, financial inclusion, and microfinance as practical tools to empower the poor and transform lives, contributing to a just, inclusive, and sustainable society.
Prof Yunus stressed that an inclusive society must provide political and economic space for marginalized groups, amplifying their political voice and expanding their freedom of choice. He criticized economic and financial planning rooted in personal gain for failing many people and contributing to global challenges. Instead, he championed social business as a model complementary to traditional capitalism, designed to solve social problems while being financially self-sustaining and maximizing social good.
Social businesses, according to Prof Yunus, offer a revolutionary space where innovation meets compassion, addressing issues like healthcare, clean water, education, and climate resilience as business opportunities rather than charitable acts. This approach creates accountability, ensures sustainability, and unleashes a wave of purpose-driven enterprise. The global impact of social business is evident, with universities establishing social business centers and multinational corporations creating social businesses, while young entrepreneurs launch ventures to address community problems.
Prof Yunus also discussed the critical role of microcredit in ensuring a sustainable and resilient future. He emphasized that microfinance is not merely about money but about dignity and agency, unlocking human potential buried under neglect and inequality. Financial inclusion, he asserted, is a matter of justice, as the exclusion of the poor from the financial system is a powerful tool of disempowerment.
With over 1.4 billion people globally still unbanked, most of whom are women in rural areas, Prof Yunus highlighted the need to democratize finance, creating opportunities for people to become job creators rather than job seekers. This, he said, is the essence of entrepreneurship, where human creativity is harnessed for maximum impact rather than maximum profit.