Bangladesh, June 7 -- In October 1983, Grameen Bank, the internationally acclaimed microfinance institution, was authorized by national legislation in Bangladesh to operate as an independent bank. Muhammad Yunus, its founder, has long claimed that his inspiration stemmed from the 1974 Bangladesh famine, during which he extended a personal loan of US$27 to 42 women in Jobra village, enabling them to produce items for sale without succumbing to predatory lending practices. Among these borrowers was Sufia Begum, who later became the emblematic figure of Yunuss microfinance narrative. However, the veracity of Sufias story and the broader Grameen Bank model has been mired in controversy.

Yunus and Grameen Bank showcased Jobra village and Sufi...