Nobel Prize winner to address the International Islamic Finance Forum

Muhammad Yunus, the Bangladeshi banker and economist, will be outlining the success achieved in fighting poverty by helping people to join together to help themselves at the annual International Islamic Finance Forum which takes place this year at the Jumeirah Beach Hotel, Dubai, UAE, from 13-17 April 2008.

Yunus is the founder and managing director of Grameen Bank (Village Bank) - built on the conviction that poor people can be both reliable borrowers and avid entrepreneurs. The Grameen Bank has issued more than $5.1bn to 5.3 million borrowers, maintaining a repayment rate of 99%.

In establishing the idea, Yunus and his colleagues overcame everything from violent radical leftists to conservative clerics who told women they would be denied a Muslim burial if they borrowed money from the bank.

In 2006, Yunus and the bank were jointly awarded the Nobel Peace Prize in recognition of "their efforts to create economic and social development from below."

Yunus, born into a Muslim family, became involved with poverty reduction in Bangladesh after observing that very small loans could make a disproportionate difference to a poor person. In one village he saw how women who made bamboo furniture had to take out usurious loans to buy the bamboo and then pay their profits to the moneylenders. His first loan - for $27 out of his own pocket - was made to 42 women in the village.

"We are absolutely delighted Yunus has agreed to address the International Islamic Finance Forum (IIFF)," said conference manager for the forum Swati Taneja. "While the concept of providing credit to the poor as a tool of poverty reduction is not unique, Yunus realised that the creation of an institution was needed to lend to those who had nothing. His interpretations go to the very heart of Islamic belief in terms of finance.

"During a special Guru Day, Yunus will not only be telling us about micro-credit and how the Grameen Bank evolved but also about the role of women, how corporations and businesses can help the poor as well as providing some real life examples of social businesses."

The International Islamic Finance Forum was established in Dubai eight years and is considered the premier event in the Islamic finance event calendar. "Today we have many imitators but no equals," said Taneja.

"The Islamic finance industry has grown by leaps and bounds since the forum first began - particularly in the Middle East which now sees billions of dollars worth of deals and issues growing annually.

"While the Islamic finance industry is not completely immune from the vagaries currently afflicting the conventional sector, there is ample evidence that it is robust enough to avoid the worst excesses and come out on top," Taneja added.

"The Dubai forum in April will benefit from in-depth insights from an impressive line up of speakers representing the Islamic finance hubs of the world. Pioneering international Islamic finance practitioners and scholars will be converging on Dubai, which has set its sights on becoming the leading centre for Islamic finance not only regionally but internationally."

The forum also celebrates excellence in Islamic finance through the IIFF Awards to promote and recognise significant contributions to Islamic finance by individuals, companies and institutions.