Dhaka: The launching ceremony of a book on ‘Small Loans, Big Dreams: Muhammad Yunus, Grameen Bank and The Global Microfinance Revolution’ was held today at the RH Home Center, head office of the University Press Limited (UPL) in the capital’s Green Road area.
According to Bangladesh Sangbad Sangstha, former Board Member of PKSF and Chairperson of Manusher Jonno Foundation Parveen Mahmud, Managing Director of Palli Karma-Sahayak Foundation (PKSF) Md. Fazlul Quader, and Managing Director of Grameen Bank, Bangladesh Sardar Akhter Hamid were the discussants at the book launching ceremony. The author of the book, Alex Counts, also spoke at the Bengali edition of this book launch ceremony.
Managing Director of Innovation Consulting Md. Rubaiyat Sarwar conducted the ceremony. UPL Managing Director Mahrukh Mohiuddin also spoke on the occasion. This Bangla edition of the book is a unique account of the birth and development of microfinance in Bangladesh under the leadership of Dr. Muhammad Yunus and Grameen Bank. Syed Faiz Ahmed translated the book in Bengali.
The author, Alex Counts, founder of Grameen Foundation, USA, explores the history of microfinance and discusses how Grameen Bank has changed its methods in the wake of economic recession and environmental disaster. In addition to answering questions from critics about the value and significance of the Grameen model, he also describes the long-term legacy of Dr. Yunus’s extraordinary vision in the book.
In this book, Counts presents vivid anecdotes from the lives of several women in remote villages of Bangladesh and the suburbs of Chicago. These women were able to change their fate by setting up small businesses on their own initiative because they had the opportunity to receive microfinance. This project in Chicago was a pilot project of the Grameen model in the United States, demonstrating how the rural system spread to America.
Speaking on the occasion, Alex Counts noted that Prof. Yunus had given him ample time for writing this book, adding that Dr. Yunus had designed a model where half of the borrowers were women. In his experience working in Bangladesh, Counts found that the women were more reliable as borrowers and did not take unnecessary risks.
PKSF Managing Director Md. Fazlul Quader shared that loans provided to women borrowers yielded better results and demonstrated improved financial management. He noted that through the Grameen Bank, PKSF, and other MFI institutions, it has been possible to establish a sustainable institutional mechanism in the country.
Former PKSF Deputy Managing Director Parveen Mahmud expressed pride in the Grameen Bank’s Nobel Prize alongside Prof. Yunus, noting the growth of microcredit since its inception. Managing Director of Grameen Bank, Bangladesh, Sardar Akhter Hamid stated that Grameen Bank is a bank for the unbanked and has played a role in women empowerment and better financial management.
In this book, Counts presented a classic account of the innovation and growth of microfinance in Bangladesh, led by Professor Muhammad Yunus and Grameen Bank. It illustrated how a marginalized woman transformed her life by launching a small business with the help of microfinance. Counts addressed critics’ concerns about the Grameen model and highlighted the lasting impact of Yunus’ vision.
The author also demonstrated how microfinance could play a significant role in reducing economic inequality by enabling the underprivileged to participate creatively in the global economy. With the help of Nobel laureate Dr. Muhammad Yunus, Alex Counts founded the Grameen Foundation in 1997 and served as its president and CEO. He also served as President and CEO of the American India Foundation in 2016-17 and received the John F. Kennedy Memorial Award while studying at Cornell University.