Companies must invest in social businesses, says Nobel peace prize winner

from Gulf News

By Saifur Rahman, Business Editor

Dubai: Nobel peace prize winner, Professor Mohammad Younus has told companies not to waste money sponsoring football or cricket matches but to invest in social businesses which will empower people and help eradicate poverty globally.

Speaking at the International Islamic finance forum in Dubai, Dr Younus said: “A lot of companies throw their money in sponsoring matches or PR gimmicks as part of Corporate Social Responsibility.

“However by investing in social businesses they could change the lives of millions of people across the globe.”

His company Grameen Bank has partnered with Danish and French companies in providing nutrition products and pure drinking water to the poor people in Bangladesh, a move Mr Younus said could be replicated globally.

“These are cause driven businesses rather than profit driven,” he added.

Dr Younus won the 2006 Nobel Peace Prize for the microcredit institution he founded more than 30 years ago, which has lifted millions of people in Bangaldesh out of poverty.