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Wall Street versus Grameen Bank

Posted in Irshaddering Thoughts on Oct 08, 2008

As a lot of you know by now, I’m a mega-fan of micro-business. Restoring humanity and reason to Islamic practice begins, I believe, with engaging the entrepreneurial talents of women in the Muslim world.

How? Through small loans — the kind dispensed by the celebrated Grameen Bank in Bangladesh. I’ll be writing more about this in a forthcoming issue of Newsweek. Hang tight.

Of course, I realize that amid the global financial credit crunch, it takes chutzpah to propose a solution that requires lending of any kind.

But if you really want to know why micro-credit rocks, even as we’re all being hosed by the bulls (or bulls***) of Wall Street, read this excellent piece by Indian journalist Salil Tripathi.

By the way, irshadmanji.com will soon profile Salil as an Agent of Moral Courage. He’s coming out with a book about censorship by Hindu nationalists.

May God(s) bless the dissidents of all faiths — especially those who think of, write about and recommend reforms in our universal religion of Greed.  In God we trust. In Need we invest. In Greed we speculate.

Which of these impulses does micro-credit tap info? Before you answer, reflect on Salil’s article. And once you do, consider giving a micro-loan of your own. Here’s a great site to start.