Chief Adviser Dr Muhammad Yunus on Thursday emphasized the need for employment over direct financial aid, asserting that credit is a fundamental human right.
Speaking at the "Bimstec Young Generation Forum: Where the Future Meets" on the sidelines of the Bimstec Summit, he recounted the journey that led to the founding of Grameen Bank.
Dr Yunus shared how he started by lending a single dollar to a struggling woman, allowing her to escape exploitative lending practices. This experience inspired him to challenge traditional banking, which he argued prioritizes the wealthy while neglecting the poor.
Convinced that microcredit could empower marginalized communities, he established Grameen Bank to provide small, repayable loans that foster economic self-sufficiency.
He criticized conventional banking for excluding the underprivileged and stressed that microcredit allows funds to be reused, unlike one-time donations.
"The system is flawed because it only lends to those who already have money," he said.
He urged global financial institutions to rethink their policies to create a more inclusive economy.
During the discussion, Dr Yunus expressed sorrow over the loss of lives due to the earthquake in Myanmar and Thailand, saying: "Such incidents highlight the limitations of human capacity to protect lives. Humans are still unable to predict nature’s unexpected behavior in advance. There is still a long way to go in understanding nature and protecting people.
"Bangladesh, too, is at risk of earthquakes. Fortunately, the country has not yet faced such a tragedy."