Nobel Peace Prize winner comes to York College

“Salaam alay-kum (Peace be upon you),” said Muhammad Yunus, a recipient of the 2006 Nobel Peace Prize, as he greeted a packed auditorium in the Performing Arts Center of York College.
The audience replied to the standard Muslim greeting, “Wa-alaykum salaam (And unto you be peace).”
Yunus is a banker and economist who became famous for providing small loans to entrepreneurs too poor to qualify for traditional loans.
On February 11, students, faculty, staff, and visitors listened as Yunus told the story of how he lent $27 to 42 women in a Bangladesh village nearly 30 years ago.
In 1983, Yunus founded Grameen Bank. Yunus said today the bank has 7.5 million borrowers, 97 percent of whom are women, and all of whom are shareholders of the bank.
Grameen Bank and Yunus were awarded the 2006 Nobel Peace Prize “for their efforts to create economic and social development from below.”
Yunus said the “big secret” to his success is very simple.
“We looked at what conventional banks were doing and did the opposite,” he said, adding that he had the advantage of not having a banking background.
Unlike conventional banks, Grameen does not require collateral, guarantees or experience. Yunus explained that while conventional banks give more to those who have more, Grameen’s philosophy is “the less you have, the more attention you get.”
Yunus’ visit to York also marked the launching of a scholarship program for the children of Grameen Bank members and a summer internship interchange program for York students going to Bangladesh and Bangladeshi students coming to New York.
“This kind of exchange provides a rare opportunity for a meaningful study abroad experience,” said Marcia Keizs, president of York College.
Other areas of Queens will also see the efforts of Yunus and Grameen Bank.
The audience applauded as Yunus described Grameen America, built on the same premises of Grameen Bank, which has recently opened a small office in Jackson Heights.
Check cashing businesses and payday loans are a couple of things Yunus described as he explained why America could use the same philosophy that helped numerous Bangladeshi village women.
“They rip you off and we don’t challenge it,” Yunus said of check cashing, adding that every single person should be able to have a bank account.
Yunus concluded his speech by assuring the audience that it is possible to rid the world of poverty, so much so that there will be a day when children will learn about poverty only through “poverty museums.”
He said the only thing we must do is decide what year this poverty museum will open.