IslamicFinance.de

According to Nobel laureate Muhammad Yunus, social enterprises run by women and young people can fix the world's most pressing problems. Bangladesh's Yunus won the Nobel prize in 2006 jointly with Grameen Bank, the microfinance organisation he founded. Nicknamed "banker to the poor", Yunus started his movement 40 years ago with loans worth just $27 to women in Chittagong, Bangladesh. Grameen Bank has since delivered millions of tiny loans to poor people who do not have access to mainstream banking. Some countries in Asia, including Thailand, Vietnam and the Philippines have passed legislation or revised laws to support social business ventures. But what's more important is adapting educational institutions and the financial system to encourage entrepreneurship and social business, Yunus said.