Nobel laureate Professor Muhammad Yunus, globally known for pioneering microcredit through Grameen Bank, is facing criticism after multiple Grameen-affiliated organisations received regulatory approvals and privileges following his appointment as chief adviser to Bangladesh’s interim government on August 8, 2024. His appointment came in the wake of a student-led uprising that ousted the Awami League regime.
Approvals and benefits under scrutiny:
Grameen University approved in March 2025.
Grameen Employment Services Ltd (GESL) received a manpower export licence.
Samadhan Services, linked to Grameen Telecom, got digital wallet (PSP) approval.
Grameen Bank’s government stake reduced from 25% to 10%.
Five-year tax exemption for Grameen Bank reinstated.
Critics have pointed to possible conflicts of interest, noting the benefits were granted shortly after Yunus assumed office. Additionally, legal cases against Yunus—including a labour law violation and money laundering case—were dismissed soon after his appointment, raising eyebrows.
Legal expert Shahdeen Malik stated that these developments risk creating “popular skepticism and a loss of trust,” warning of the implications of perceived conflicts of interest.
Controversial timing of university approval
The University Grants Commission approved Grameen University, backed by the Grameen Trust, just three months after an application was submitted in December 2024. UGC officials claimed the evaluation followed proper legal procedures.
However, critics, including economist Anu Muhammad, argue the swift approval and other favours to Yunus-founded entities during his leadership “do not appear clean,” especially after years of government inaction on similar requests.
Long-pending applications fast-tracked
Grameen Employment Services, established by Yunus, received a manpower export licence in January 2025, after a 15-year wait. Its managing director claimed the delay under the previous regime was politically motivated. Similarly, Samadhan Services—part of Grameen Telecom—was approved as a payment service provider after years of inaction.
In April 2025, Yunus’s advisory council approved a new ordinance for Grameen Bank, reducing the government’s shareholding and strengthening shareholder control. The government’s role in appointing the bank’s chair has also been removed.
The National Board of Revenue reinstated Grameen Bank’s five-year tax exemption in October 2024, a benefit it had enjoyed since 1983 but lost in 2020.
Transparency concerns remain
Transparency International Bangladesh’s executive director Iftekharuzzaman called for full disclosure of justifications behind these decisions to avoid perceptions of impropriety.
Yunus’s press secretary denied any wrongdoing, attributing the recent approvals to longstanding applications previously stalled for political reasons. He emphasized that Yunus no longer holds ownership or operational roles in the entities and that the approvals followed due legal processes.
Legal relief raises questions
A day before Yunus took office, he and other Grameen Telecom directors were acquitted in a labour-law case. Three days later, he was cleared in a money laundering trial. While many cases against him were widely viewed as politically motivated, their abrupt dismissals have sparked fresh debates.
Professor Yunus has faced over 170 cases during the Awami League’s tenure. Once lauded for his contributions to poverty reduction, he became a political target, particularly after forming a short-lived political party, Nagarik Shakti, during the 2007–08 caretaker regime. Prime Minister Sheikh Hasina later accused him of trying to sideline mainstream political leaders as part of a “Minus Two Formula.”
Hasina’s hostility toward Yunus intensified after the World Bank withdrew funding for the Padma Bridge, a move she publicly blamed on Yunus—claims he has denied.
