22/12/2011
The Sabancı University School of Management hosted an event featuring Bangladeshi professor of economics Muhammad Yunus, who won the 2006 Nobel Peace Prize with his work on microcredit. Professor Muhammad Yunus gave a lecture titled “Economic Fluctuations and the Importance of Social Entrepreneurship” at the Sabancı University campus in Tuzla on Thursday, December 15. Professor Yunus was received by Sabancı University Board of Trustees Chair Güler Sabancı.
Following an opening speech by the Sabancı University School of Management Dean Professor Nakiye Boyacıgiller, Professor Muhammad Yunus gave details of the microcredit system established in Bangladesh. Yunus explained that he personally extended financial guarantee to the people of the town close to his campus in Bangladesh, which helped individuals in financial difficulty to become a part of the banking system. Yunus said that the system was being utilized in 80,000 villages in Bangladesh and an aggregate of 1.5 billion dollars of credit has been allocated so far, with a successful repayment rate of 99.3%. Muhammad Yunus added that a similar system was being implemented in Turkey.
Muhammad Yunus said that, in contrast to philanthropy, money spent in social enterprises brought increasing returns, and added, “Initiatives with a public benefit are considered social enterprises. These may be done by individuals or partnerships. Social entrepreneurship can create a new business that earns profit while also helping the people.”
Muhammad Yunus concluded by saying, “The young population today is luckier because they have access to advanced technologies. They can create opportunities that will engage their potential. They can access all the information they need. This empowers them in a way that previous generations did not have.”
Güler Sabancı thanked Muhammad Yunus for his speech, and said, “At Sabancı University, we encourage our students towards social entrepreneurship, and we value such efforts greatly.” Güler Sabancı presented Muhammad Yunus with a commemorative brick of Sabancı University.
