Who is Bangladesh's interim leader, Muhammad Yunus?

Muhammad Yunus, a Nobel Peace Prize laureate, has been appointed as Bangladesh’s interim leader after the resignation of Prime Minister Sheikh Hasina. Student leaders backed Yunus, rejecting the idea of a government led by the military.

Following weeks of intense political unrest, Prime Minister Sheikh Hasina was forced to step down and flee the country, abruptly ending her 15-year tenure and plunging Bangladesh into a period of political instability.

Read more: What form will the interim government take

While the future course remains unclear, one thing has become certain: Nobel Peace Prize winner Muhammad Yunus will lead a caretaker government.

Yunus is the figure that student leaders had been advocating for, insisting they did not want a military-led administration. "We trust in Dr. Yunus," wrote Asif Mahmud, a prominent leader of the Students Against Discrimination (SAD) group, on Facebook prior to Yunus being named leader.

His appointment was made official on Tuesday, just hours after Bangladesh President Mohammed Shahabuddin dissolved parliament, which was a key demand from the protesters. Before being named the interim leader, Yunus had already agreed to serve as an advisor for forming the new government.

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Who is Muhammad Yunus?

"At 84 years old, Muhammad Yunus is a renowned Bangladeshi social entrepreneur, banker, economist, and leader in civil society. Born in 1940 in Chittagong, located in southeastern Bangladesh, he later earned his PhD in economics from Vanderbilt University in the United States."

In 1972, Yunus returned to his hometown and took on the role of head of the rural economics program at the University of Chittagong.

Moved by the suffering caused by the 1974 famine in rural Bangladesh, which claimed thousands of lives, he began extending small loans to impoverished communities.

The Grameen Bank, which he established in 1983, became a pioneer in the field of microlending, particularly aimed at helping women in need.

The success of the bank in alleviating poverty inspired similar microfinance initiatives in other nations.

Yunus and the Grameen Bank received the Nobel Peace Prize in 2006 for their significant contributions to poverty alleviation.

During his Nobel acceptance speech, he reflected on the 1974 Bangladesh famine, saying, "Poverty surrounded me, and I couldn't ignore it. Teaching sophisticated economic theories in a university setting felt inadequate... I needed to take immediate action to assist those around me."

Yunus gained worldwide recognition for his work, earning the title "banker to the poorest of the poor."

In addition to international acclaim, he received Bangladesh's highest civilian honor, the Independence Day Award, in 1987, and was awarded the US Presidential Medal of Freedom in 2009.

He remains highly respected in South Asia, particularly among the younger generation and the educated class. His strong support for student protests has bolstered his popularity.

Student leaders have pointed to his wide acceptance, international stature, and popularity as reasons for advocating that he be named the interim leader of Bangladesh.

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Political ambitions and legal woes

In early 2007, Yunus declared his intention to form a political party named Nagarik Shakti (Citizens' Power), indicating that he could not avoid getting involved in politics.

However, within weeks of this announcement, he decided to withdraw from the idea.

When Sheikh Hasina assumed office in 2009, she shifted from being a supporter to becoming a critic of Yunus.

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In 2011, Hasina's government initiated a review of the Grameen Bank's operations, which led to Yunus being dismissed from his role as managing director for reportedly breaching retirement regulations. During this period, her administration also launched several investigations targeting both him and the Grameen Bank. Hasina publicly criticized Yunus, labeling him a 'bloodsucker' and accusing him of using coercive tactics to reclaim loans from impoverished rural women.

'A smear campaign'

In 2013, Yunus was tried for allegedly accepting funds without the necessary government approval, including money from his Nobel Peace Prize and book royalties.

Subsequently, he faced further allegations connected to other companies he founded, such as Grameen Telecom, a subsidiary of Grameen Phone—Bangladesh's largest mobile phone company—and linked to the Norwegian telecom firm Telenor.

Earlier this year, a Bangladeshi court charged Yunus and 13 others in an embezzlement case involving $2 million (€1.83 million).

Yunus, who has denied any wrongdoing, is currently out on bail.

His supporters argue that he is being targeted due to his past political aspirations and strained relationship with Prime Minister Hasina.

According to Asif Nazrul, a law professor at Dhaka University, Yunus has been subjected to "a smear campaign and character assassination attempt by the highest echelons of the ruling Awami League for the past 12 years, who also maintain tight control over the judiciary," as he mentioned to DW earlier this year.

What is the public response in Bangladesh to the potential removal of Hasina?

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Source: DW