HC declares illegal cancellation of Aug 15 as nat’l mourning day

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A court in Satkhira yesterday issued an arrest warrant against all the five charge-sheeted accused including former Jamaat lawmaker Maulana Abdul Khaleque Mondal as they remained absent before the court yesterday fixed for hearing in the sensational China Khatun murder case.



LUBBOCK, Texas - A slice of cool, fresh watermelon is a juicy way to top off a Fourth of July cookout and one that researchers say has effects similar to Viagra — but don't necessarily expect it to keep the fireworks going all night long.
United News of Bangladesh . Kuala Lumpur
Agence France-Presse . Washington
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Shreya GhoshalAfp, Kathmandu
Ap, Washington
On the eve of my death I dreamt
Labels: By A Bashar
If Dr Muhammad Yunus had ever thought to charge Bangladesh’s rich and powerful —bureaucrats, ministers, bankers and economists — one taka for each time they had dismissed, off hand, his ventures as ‘impossible’ or ‘naïve’, by now he would have them applying for Grameen Bank micro-loans to get by. It was on a fateful afternoon in 1976, that Muhammad Yunus, a young professor of economics at Chittagong University at the time, drove his Volkswagen Beetle to the local branch of the government-owned Janata Bank, consumed with an idea whose time, he believed, had come. He was going to try and convince the bank manager to make small entrepreneurial loans to the poor inhabitants of the nearby village of Jobra. The loans were to be the start-up capital for the residents of Jobra ‘to buy raw materials and supplies with which to make bamboo stools, weave mats and other produce which they would sell in the open market and make a decent profit that would allow them to live’. Yunus had been deeply scarred by the misery and the desperation he witnessed during the famine of 1974, and had since made Jobra his second home, spending day after day in the field, trying to understand the structural problems that kept its inhabitants in the clutches of poverty. He had experimented with three-share farming, loaning money to farmers to buy the inputs and irrigation for a dry-season crop, and even though he had been cheated of Tk 13,000 in the process, he was overjoyed that the experiment had worked. Jobra farmers now organised themselves to plant a winter crop. Although Yunus would go on to get a Rashtrapati Purashkar for his three-share farm project two years later, he realised in the first year that its dividends were failing to reach the most destitute of Jobra’s residents. It was this realisation that planted the seeds of the micro-loans idea in his head. At the bank, the manager’s jaw dropped open at what Yunus was suggesting he should do. ‘For one, the little money you say they need to borrow does not even cover the cost of the loan documents...they don’t have any collateral...they cant fill out our forms,’ the manager had sputtered, as Yunus recounted in his wonderfully written 1998 autobiography, Banker to the poor. ‘From what I know about banking, I can tell you for sure that this plan will never take off. You are an idealist, professor. You live with books and theories,’ the manager had told Yunus before he sent him on his way. It was only the status that his teaching job afforded him that prevented them from chasing him out. Whereas this experience might have bred despondence in lesser men, in Yunus it unleashed what has gone on to become his most abiding characteristic: a self-professed obstinacy to see things through to the end. It took him six months, endless heated arguments and letter writing to get his loan sanctioned, in his name, but destined for the poor of Jobra. In the decades that have followed, when he told policymakers that lending to the poorest of the poor could be a commercially viable business as opposed to charity, Dr Yunus was mocked for being naive. When he proposed that it was poor women and not their husbands who should be the targets of his micro-loans, everyone from the Bangladesh Bank to local imams disapproved. When he asked the government to help expand his Jobra operations to other districts, ministry officials whispered ‘impossible’ behind his back. And when he claimed that the poor would pay back their loans more meticulously and conscientiously than the rich, and that they should have a bank of their own, the banking establishment had finally had enough. It is a testimony to the power of the imagination that Dr Muhammad Yunus is today at the helm of a banking behemoth that has lent out over $6 billion to more than 7 million poor people, 97 per cent of whom are women, scattered across 73,000 villages in Bangladesh. That he was awarded this year’s Nobel Peace Prize is only a small vindication of his ‘radical’ vision. Others include Grameen Bank’s oft-cited and remarkable 99 per cent loan recovery rate, the fact that 58 per cent of Grameen loanees have crossed the poverty line, and that Grameen’s model is now being replicated in over sixty countries of the world, targeting poverty even in the United States. The real achievement though, lies beyond the numbers. Dr Yunus and those who followed him in his micro-credit mission have gone a long way in turning the twin tyrannies of patriarchy and conventional banking on their heads. The proof of this bold claim lies in two facts. At the end of 2006, Grameen Bank loans have financed over 640,000 houses for poor Bangladeshi village families, despite the bank’s precondition that the land the house would occupy must be in the name of the woman who applies for the loan rather than her father or her husband. That, and the decision by Citigroup, one of the largest banking mega-corps in the world, to launch a micro-credit-for-profit business that essentially looks to bank with the poor, with ATMs in forgotten corners of India’s Andhra Pradesh state. A paradigm shift from the days of consumer banking when the untouchable poor were left to the predations of the village mahajan. ***
Labels: MUHAMMAD YUNUS