PRESS CONFERENCE: Nobel Laureate; Prof. Mohammad Yunus at IMI

PRLog (Press Release) – Feb 07, 2007 – Nobel Laureate; Prof. Mohammad Yunus held a press conference at International Management Institute’s campus. It would not be an exaggeration to say that the entire audience was awe struck by the sheer power of Prof Muhammad Yunus’ ideas that he articulated during the hour long press conference on 31st January at IMI’s campus. What immediately struck everyone present there were Nobel laureate Yunus’ simplicity and the power of his convictions. Like the beautiful Helen of Troy, whose face launched a thousand ships, the beautiful idea of Grameen Bank has launched a hundred million lives. With more than 100 million small borrowers spread across the world without collateral, Prof Yunus and his Grameen Movement have turned many conventional ideas of economic theory on their head and shown that the poor are bankable. He attributed a large part of his success to the overwhelming involvement of women in the movement.

The idea of Grameen Bank was born in the background of a severe famine in Bangladesh accentuated with the exploitation of the rural poor by the moneylenders. Freeing the poor from the clutches of these moneylenders became an easy proposition since the amounts involved were small. He himself provided these sums initially and later roped in banks to support the idea. Since they were reluctant, he stood personal guarantor on many occasions. Today, the idea has multiplied and has been implemented in various countries and situations, making the Grameen Movement the largest of its kind. However, crucially, according to Yunus, the motive of profit maximization has to be eschewed in favor of “doing good” for any socially designed project to be truly successful in its execution. Doing good and profit maximization cannot coexist since social objectives will overtime tend to become sidelined. He provided the example of Dannon Corporation that had set up a plant in Bangladesh to produce Yoghurt reinforced with micronutrients specially crafted for the poor, malnourished children. Dannon does not sell its product in the open market and does not generate any profit from this project. “Doing good” Prof Yunus reiterated will drive certain people and companies in the same way that profit maximization drives others.

The richly deserved Nobel Prize winner touched the audience’s minds with his ideas, but most importantly touched their hearts as well. A rare combination of simplicity and genius, the laureate was questioned on why he has not yet entered politics in Bangladesh, which is widely regarded as one of the most corrupt countries in the world. ‘Your iconic status would lend credibility as well as help cleanse the system’ reasoned one journalist. While not ruling out involvement with politics later on, Prof Yunus was emphatic in stating that he would not accept being the president. ‘I like to work and keep myself busy’, he remarked. The Grameen movement certainly keeps him busy, uplifting the quality of life of millions of people across the world.

For IMI the Press Conference was a momentous occasion. It was the first time a Nobel laureate visited the institute but more significantly it was momentous for the inspiration he created. It was a day when IMI announced its intention of starting a ‘Social MBA’ programme in order to produce managers who address the needs of the underprivileged poor in the society. Together, Prof Yunus stated, we can make a difference. Later, he promised to be back to the institute to discuss the details of the Social MBA programme which would be released in presence of the Nobel Laureate.