He came, he shared, he engaged and he conquered. Soft-spoken and modestly dressed, his gentle yet commanding presence captured the attention of over two thousand people who came to hear him share the trials and tribulations of his groundbreaking story that is registered forever in the pages of our contemporary history.
An economist, a professor, an innovator, a risk-taker, a determined mindset reformer, Professor Muhammad Yunus is many things to many people. To the people of his homeland, he is a dream catcher who provides hope when no hope is in sight. To the academic circle, he is a professor and a Noble Prize Winner. To the corporate world, he is a visionary, an innovator, a business trendsetter, a paradigm shifter, and a social entrepreneur. But more importantly, to each member of the audience that sat through his telling tale, he is an inspiration and a role model — a living proof of how dreams become reality — if, and only if, the dreamer has courage, passion and commitment to take that risky — but calculated first step — that will get him that much closer to his dream.
The story of Grameen Bank is exceptional in more ways than one. It is exceptional because it is the story of an ordinary scholar undertaking an extraordinary challenge to defy all odds, break all preconceived notions of financial practice and refashion society’s perception of the poor. The story of Grameen Bank is the story of a scientific idea that becomes an international best practice banking model adopted by more than 40 countries some thirty years after its testing.
As Professor Yunus passionately continued the telling of his tale, the emotionally charged audience of the 9th Jeddah Economic Forum listened in silence. As I tried to hold back my own emotions, I quickly wondered how one man, with one idea and its action plan could create such a sustainable micro-enterprise industry? I asked myself what, if any, were the key operating processes that must have taken place during the early stages of this project’s life that enabled it to jump-start to what it has become today? The answer, I felt, was hidden somewhere in the Jeddah Economic Forum’s theme...
If Grameen Bank exists today, it is not only because of the vision and scientific conviction of its founder, but it is also because of the small but significant acts of support that the project got from key institutions during its early stages of development.
This I believed was a critical learning point that we the audience needed to uncover because it related directly to the concept of Value Creation through Partnerships and Alliances.
In fact, the Grameen Bank story is the perfect example of how real value emerges when critical players join forces to collaborate for the collective good. Allow me to explain.
The origin of Grameen Bank started in 1976 when Professor Muhammad Yunus, a Fulbright scholar and a professor at the University of Chittagong, began to test his action research idea to carry out a credit delivery system that would provide banking services to the rural poor. After three years of testing this concept on nearby villages, the Central Bangladesh Bank requested Professor Yunus to carry out the project to other districts across the country; and in 1983, after having proven its worth, The Grameen Bank Project was transformed into an independent bank by government legislation.
Eventually, some bankers from a community development bank based in Chicago worked at incorporating the bank under a grant provided by the Ford Foundation.
The rest is history. The Grameen Bank process is adopted by more than 40 countries worldwide, and has greatly influenced the loans provided by the World Bank to projects related to the Grameen process.
From dream to reality, from research idea to industry creation, and by way of strategic partnerships, the story of Professor Yunus illustrates the priceless value that is created when committed partnerships and alliances are forged. It is also the story of a dreamer that dared to dream. A dreamer that dared to take the first step into his own journey of a thousand miles — and emerge all the wiser, all the more creative, all the more passionate, and all the more ready to embark on further groundbreaking initiatives.
For all of the dreamers out there who shared this wonderful experience with me, do not let that twinkle in your eye fade; you felt it that day, and we all saw it. Just remember that Yunus’ twinkle is shining bright for all of us to see; and remember, it is the power of that twinkle that guided him to positively influence the lives of millions of people around the world.
Dare to dream, dare to act and dare to make a difference in someone’s life, one project at a time.
— Fatin Bundagji is an institutional development consultant. She is based in Jeddah.
