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[🇧🇩] Grameen Bank

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[🇧🇩] Grameen Bank
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Grameen Bank’s tax waiver reinstated
No income tax for donors of As-Sunnah Foundation

The interim government has reinstated a tax exemption for Grameen Bank and offered it for the next five years, meaning until December 2029.

The microfinance specialised community development bank was founded by Nobel laureate Prof Muhammad Yunus, who is now the chief adviser to the interim government of Bangladesh.

The National Board of Revenue (NBR) issued a gazette in this regard on Thursday.

"This facility came into effect the day the order was issued," said the notification signed by NBR Chairman Md Abdur Rahman Khan.

However, Grameen Bank will still be required to submit annual income tax returns, as per the gazette.

Grameen Bank has enjoyed tax exemption since its inception in 1983 as its activities are primarily focused on poverty alleviation. The benefit is typically renewed every five years and was last extended until December 2020.

The previous government did not extend the exemption after that period.

"Although Grameen Bank is a bank by name, it actually runs microcredit activities like a non-government organisation [NGO]," NBR Chairman Khan told The Daily Star yesterday.

So, the services of Grameen Bank are similar to those of microcredit institutions. It is fair for Grameen Bank to get an income tax exemption, which it used to get previously, he said.

Meanwhile, the NBR, in a separate notification, said no income tax would be applicable on donors of As-Sunnah Foundation, a charity organisation.

The facility will continue until June 2029. However, the donors will have to submit their tax returns too.

As-Sunnah Foundation is a non-political and non-profit government-registered organisation.

The foundation was established in 2017 by Shaikh Ahmadullah, who came into the limelight for relief efforts during the recent floods and post-flood rehabilitation activities, including in Feni and Cumilla.

During the floods, As-Sunnah Foundation raised over Tk 100 crore in relief funds, Ahmadullah stated in a video interview by newspaper Kalbela.

Besides, the organisation was praised for charitable activities during the pandemic and the 2023 Turkey-Syria earthquake.

The tax administration has taken the move to encourage these kinds of philanthropic activities, according to an official of the NBR.​
 

Grameenphone Academy launches 'Freelancing Factory'
Prothom Alo English Desk
Published: 15 Oct 2024, 21: 05

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Grameenphone, through it’s free learning management system, Grameenphone Academy, has launched an initiative named ‘Freelancing Factory’ designed to equip students with the necessary training, and mentorship required to build a freelancing career, stated a press release.

This programme aims to bridge job market gaps, unlock economic potential, and empower the next generation, ushering in a new era for Bangladesh’s youth.

During the inauguration event of the ‘Freelancing Factory’ initiative at GP House in Dhaka recently, the mentors conducted a workshop to introduce the programme’s structure to participants.

They outlined various components of the initiative and addressed students’ questions, providing valuable insights on how the programme will support their success in freelancing.

The programme includes 64 interactive online classes in two separate batches, focusing on UX/UI design and Web development through Word Press, enabling students to start earning USD 100 within theree months and reach USD 1,000 within eight months through a mentor-led programme.

Every year, a significant number of youth enter Bangladesh’s job market, creating an overwhelming demand for employment that far exceeds available opportunities. In contrast, the global freelancing platform boasts millions of jobs ready to be filled with freelancers.

Recognising this gap, Grameenphone Academy seeks to equip students with the required skills to thrive in the global freelancing market, paving the way for their financial independence.

Chief executive officer of Grameenphone, Yasir Azman shared his personal aspirations for freelancing. He listened intently to inspiring stories from the participants, including a participant who traveled from Borguna-Amtoli to join the programme, and a BSc engineer with hearing challenges, who articulated his hopes for a brighter future. He was moved by their stories, which showcased the resilience and determination of young individuals pursuing new opportunities.

Azman’s engagement highlighted the profound impact of initiatives like the ‘Freelancing Factory’, reinforcing the programme’s mission to empower youth and cultivate a thriving freelancing community in Bangladesh.

Chief corporate affairs officer of Grameenphone, Hans Martin Henrichsen emphasised on the abundant opportunities available to students in freelancing. He expressed pride in the diverse cohort, noting that it includes 40 per cent female participants and 19 per cent students from outside Dhaka.

This diversity not only enriches the learning environment but also reflects a commitment to inclusivity and empowerment, essential for fostering creativity and innovation in the freelancing landscape, he added.

Chief human resources officer of Grameenphone Sayeda Tahya Hossain energised the participants with her encouraging message, urging them to cultivate their skills and seek out opportunities in diverse fields. She highlighted the importance of expanding their perspectives, emphasising that every new skill can open doors to impactful contributions in both their personal and professional lives.

Approximately 12,000 students engaged with Grameenphone Academy through its Facebook group and LMS. From this outreach, over 600 students applied and after thorough assessments and interviews conducted by mentors 106 were selected ultimately.​
 

Grameen Digital Healthcare Solutions teams up with Bkash to enhance accessibility to healthcare services
FE Online Desk
Published :
Nov 17, 2024 20:22
Updated :
Nov 17, 2024 20:22

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Grameen Digital Healthcare Solutions (GDHS) has announced its partnership with bKash, Bangladesh’s leading mobile financial service provider, to enhance accessibility to healthcare services through seamless digital solutions.

This collaboration aims to bridge healthcare and financial services, allowing millions to access health services directly through their mobile devices, according to a press release.

By adding bKash’s reliable payment system to GDHS’s digital healthcare platform, users will experience faster and easier transactions.

This partnership aims to improve payment options in healthcare, allowing patients to pay for consultations, tests, and health products with ease.

This collaboration is an important step in making healthcare services more available across Bangladesh, especially for people in remote and underserved areas. With bKash’s large digital network, GDHS can reach more people, ensuring easy access to essential healthcare services, the release says.

Honoured guests at the agreement event included distinguished leaders such as Dr. Ahmed Armaan Siddiqui, CEO of Grameen Digital Healthcare Solutions, along with other notable figures from Grameen Group. Among them were Kazi Waqar Ahmed (Financial Advisor, Grameen Telecom Trust), Mohammad Solaimun Rasel (Chief Technology Officer, GDHS), Hasibul Hasan (Chief Marketing Officer, GDHS), Taufique Ahmed (Finance Lead, GDHS), and Barrister Ahmed Raquib Malik (Legal & Compliance Lead, GDHS). Representing bKash were Ali Ahmed (Chief Commercial Officer), Hossain Md. Shahidul Haq (EVP & Head of Department Business Finance), Md. Tayab Hossain Chowdhury (General Manager, Merchant Payment), and Faisal Shaheed (EVP & Head of Department, Merchant Payments).​
 

Grameen Bank ownership, board to see major changes
The plan has been outlined in the draft of a new ordinance

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Grameen Bank, the Nobel-winning microfinance institution, is set for a major shake-up in its ownership structure and board as the government plans to reduce its stake to 5 percent from the current 25 percent.

The plan has been outlined in the draft of a new ordinance published on the Financial Institutions Division website. The ordinance seeks to amend the Grameen Bank Act of 2013.

The proposed amendment also seeks to reduce the number of government-appointed directors to one from three and remove the government's role in appointing the bank's chairman.

Once the proposed changes are enacted through the ordinance, the chairman will be elected by the 12-member board, rather than by the government. This will reinforce the autonomy of the institution.

The issue came under significant scrutiny during the 15-year rule of the Sheikh Hasina government, which was ousted in a mass uprising in August last year.

The new arrangement will significantly increase control for the bank's microcredit borrowers and reduce state involvement in the affairs of the institution, which was founded by Professor Muhammad Yunus, now the leader of Bangladesh's interim government.

Yunus was forced to resign from Grameen Bank as managing director in 2011 after the government stated that his age exceeded the retirement age for public servants.​
 

SC upholds HC's dismissal of 5 labour cases against Yunus

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File photo: Reuters

The Appellate Division has upheld the High Court's decision to dismiss five labour-law related cases against Chief Adviser Prof Muhammad Yunus.

A three-judge bench of the Appellate Division, led by Justice Md Ashfaqul Islam, issued the ruling, rejecting the state's appeal for permission to challenge the High Court's verdict.

During the court proceedings, Additional Attorney General Mohammad Anik Rushd Haque represented the state, while Mustafizur Rahman Khan represented Yunus.

The Appellate Division's full order says that there were no legal flaws in the High Court's ruling and order. As a result, the court found no need for legal problem in the decision, leading to the dismissal of the state's leave to appeal.

Five labour court cases were filed against Yunus in 2019, alleging wrongful dismissal linked to the formation of a proposed trade union during his tenure as chairman of Grameen Telecommunications.

In 2020, Prof Yunus petitioned the High Court for the cancellation of the cases, and the High Court issued a rule to that effect.

After the final hearing, the High Court delivered its verdict on October 24, 2024, cancelling the proceedings of all five cases.

The state subsequently sought permission to appeal the decision, but the Supreme Court dismissed the leave to appeal application on December 8.

Senior advocate Mustafizur Rahman Khan said, "The Appellate Division has issued its full order, dismissing the state's leave to appeal against the High Court's ruling.

"As a result, Prof Yunus and the relevant officials of Grameen Telecommunications at the time have been relieved from the cases, and the legal proceedings against them will no longer have any effect."​
 

‘Grameen University’ awaiting UGC approval
FE Online Desk
Published :
Jan 25, 2025 20:06
Updated :
Jan 25, 2025 20:06

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A new private university is set to be established, with Grameen Trust holding its ownership.

The permanent campus of the new institution ‘Grameen University’ will be located in the capital’s Uttara, according to jagonews24.com.

Sources from the University Grants Commission (UGC) of Bangladesh confirmed the information.

Recently, a delegation from the UGC conducted an on-site inspection of the proposed campus.

During the visit, the delegation held discussions with the university's Board of Trustees and other relevant stakeholders. The team also toured the university's facilities.

According to UGC sources, a report regarding the approval of ‘Grameen University' will be sent to the Ministry of Education after the campus visit. Following this, the university will receive approval from the ministry.

As per UGC regulations, private universities are required to have at least one acre of land in the Dhaka and Chittagong metropolitan areas for their permanent campuses and two acres in other areas.

The Grameen University, located in the Uttara North area of the capital and awaiting approval, has nearly 25 acres of land.

An application submitted to the UGC mentions 16 individuals as proposed members of the Board of Trustees for the university.

Ashraful Hasan is listed as the Chairman of the Grameen University Trust and Professor Dr. Muhammad Yunus as the founder of the trust.

There are currently 115 private universities approved by the University Grants Commission in Bangladesh.

Of these, 106 universities are operational, while the remaining 9 have suspended educational activities.​
 

Yunus calls for youth-led change through social business

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Chief Adviser Prof Muhammad Yunus speaks at the 9th Social Business Youth Summit at the InterContinental Dhaka yesterday. Photo: PID

Social businesses are designed to address societal needs rather than generate personal profit, Chief Adviser Professor Muhammad Yunus said yesterday.

"Making others happy is a higher form of happiness," Yunus said, reflecting on the philosophy that drives social business.

While addressing the 9th Social Business Youth Summit at the InterContinental Dhaka hotel, Yunus highlighted how the Covid-19 pandemic had further exposed flaws in traditional business models and urged the world not to return to the old system.

"We have an opportunity to build a new engine -- one that drives a more sustainable and equitable world," he said.

Yunus reiterated the importance of imagination and action in achieving change.

"This is our mission: to create a new world. And we are committed to making it happen, step by step," he said, urging everyone in the room to continue moving forward and building the future they imagine.

"We can reshape the entire world within just a few years -- with the people gathered in this very room. This is not a difficult task," said Yunus, who is renowned for his pioneering work in social business and microfinance.

He made these comments at the summit, which gathered representatives from 25 countries, serving as a platform to highlight the importance of youth-led change and innovation.

Yunus began his speech by reflecting on the sacrifices made by the youth of Bangladesh during the July Revolution.

Over 1,000 young people lost their lives, while countless others endured severe injuries in their quest to overthrow a fascist regime.

Their vision of a new Bangladesh, Yunus said, was the catalyst for a nation that now stands as a testament to the power of youth-driven change.

"Every great journey begins with a single step, but the real challenge lies in how you progress to the next step," Yunus explained, drawing a parallel between the revolution of the past and the ongoing fight for a better future.

He described Bangladesh as a "living museum", where the dreams of the youth are embedded in the streets through murals and paintings that express the hopes and aspirations of a generation.

"This is a historical moment. Thousands of young people gave their lives and sacrificed so much to get us here, and their dream is now our shared mission -- to create a new Bangladesh that echoes across the world."

Professor Yunus took a moment to welcome the international delegates and reflect on the significance of the summit.

"It's wonderful to be here again at the Social Business Summit. This year, we have an incredible turnout, with participants from 25 countries -- what an amazing gathering," he said.

He also said the summit was more than just a conference; it was a chance for reflection and connection.

He welcomed the international delegates to the "New Bangladesh," emphasising the country's transformation, which had been driven by the sacrifices and dedication of its youth.

Yunus pointed out that the murals on the streets of Dhaka were not just works of art but a living testament to the dreams and struggles of the young generation.

The conversation soon turned to the concept of building a new world, with Yunus asserting that it was far simpler than many might think.

"The thousand-mile journey begins with the first step," he noted. "You've already taken that first step by being here today. The question is, how do we improve with each subsequent step?"

Yunus shared several stories from his past work to illustrate how imagination and simple ideas could spark change.

Recalling his initial efforts in microcredit, he noted that what started as a small initiative to provide financial support to rural communities in Bangladesh has since evolved into a global movement.

Similarly, his campaign to provide a simple solution for treating diarrhoea -- a homemade saline solution -- had saved countless lives and transformed healthcare in rural Bangladesh.

He also spoke about the development of affordable housing, a project that led to the creation of a $500 house for low-income families.

This innovation earned recognition with the Dhaka Award for Architecture in 2008.

Yunus emphasised that these efforts were rooted in imagination and the desire to create practical solutions for societal issues.

The concept of social business, which Yunus championed, was another key point in his address.​
 

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