Born in Chittatong, Bangladesh on June 18, 1940, Muhammad Yunus studied Economics at Dhaka University before gaining a Fulbright scholarship to study at Vanderbilt University. From there, he received a Ph.D. in economics in 1969 before becoming the head of Chittagong University’s Economic division. During his tenure in the 1970’s, Yunus conceptualized the microfinance system, in which small loans are used to help poor individuals re-start their businesses.

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Yunus’ model was founded on the belief that capital is a human right, and that loans provide a better initiative for ending poverty than charity. He then founded the Grameen Bank in 1983, which uses the microfinance model as an economic platform. Amongst his organization’s objectives included eliminating financial exploitation of the poor, making women financially self-sufficient, and expanding employment opportunities for the unemployed.

Since 1995, 90% of Grameen Bank’s loans are funded by collected interests and donations, which are then converted back into loans. Yunus himself has served on multiple economic committees, including the Advisory Council for Sustainable Economic Development and the UN Expert Group on Women and Finance. In addition to winning numerous awards, he is currently a board member for the United Nations Foundation.
 

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https://www.nobelprize.org/nobel_prizes/peace/laureates/2006/yunus-bio.html 
http://grameenresearch.org/history-of-grameen-bank/ 
https://newint.org/books/reference/world-development/case-studies/poverty-microcredit-grameen-bank/