After the recent resignation of Bangladesh’s Prime Minister Sheikh Hasina, the country finds itself in a state of political turmoil. Amid the uncertainty, one figure has emerged as a potential leader to guide the nation through this period: Nobel laureate Muhammad Yunus, often referred to as the “banker to the poorest of the poor.” Yunus has long been a critic of Hasina’s leadership, and now, protesters who played a key role in forcing her out are calling for him to take charge.
Sheikh Hasina, who had been in power for 15 years, fled the country on Monday following weeks of escalating protests. Initially sparked by discontent over a quota system for government jobs, the protests quickly expanded into a broader movement against what many saw as Hasina’s increasingly authoritarian rule. Though her tenure was marked by economic growth, it was also characterized by a clampdown on political dissent.
With the army temporarily in control and Parliament dissolved by the president to clear the way for new elections, the future leadership of Bangladesh remains uncertain. Protest leaders, particularly those from student groups, have expressed their desire for Yunus to lead an interim government until elections can be organized. Yunus, currently in Paris as an adviser for the Olympic Games, has not publicly commented on the situation, but student leader Nahid Islam claimed that Yunus has agreed to step in.
Muhammad Yunus, now 83, is an internationally recognized figure for his work in microcredit, which earned him the Nobel Peace Prize in 2006. He founded Grameen Bank in 1983 to provide small loans to impoverished individuals, particularly women, who lacked access to traditional banking services. His innovative approach to lifting people out of poverty has been replicated in various parts of the world.
However, Yunus’ relationship with Hasina has been fraught with tension. In 2007, Yunus announced plans to form a political party during a period when Bangladesh was under a military-backed government, though he ultimately did not pursue the idea. Since then, Hasina’s government has launched multiple investigations into his activities, leading to his removal as managing director of Grameen Bank in 2011. He has faced various legal challenges, including charges related to the misuse of funds and embezzlement, which he has consistently denied.
Yunus’ supporters argue that these legal troubles are politically motivated, stemming from his longstanding opposition to Hasina’s rule. Despite these challenges, Yunus remains a respected figure both in Bangladesh and internationally.
Born in 1940 in Chittagong, Bangladesh, Yunus earned his PhD from Vanderbilt University in the United States before returning to his home country to work on poverty alleviation. His journey into microfinance began after a chance encounter with a poor woman in a Bangladeshi village, inspiring him to create Grameen Bank.
As Bangladesh navigates this turbulent period, the possibility of Yunus stepping into a leadership role brings hope to some, while others remain skeptical. What is clear is that his involvement could mark a significant chapter in the country’s ongoing struggle for democracy and justice.