University honours Nobel winner

Professor Yunus has pioneered banking initiatives for the poor

A Nobel Peace Prize-winning economist has received an honorary degree from Glasgow University.

Professor Muhammad Yunus was given the accolade for his work on combating global poverty.

The Bangladeshi academic also spoke about his belief that "poverty is an artificial creation that does not belong to human civilisation".

The ceremony and lecture was free and open to the public in the university's Bute Hall on Monday.

Professor Yunus was jointly awarded the 2006 Nobel Peace Prize with the Grameen Bank, which he founded.

The bank is one of the pioneers of micro-credit lending schemes for the poor, especially women, in Bangladesh.

'Pioneering work'

Professor Yunus said: "It is indeed a great honour to receive the Honorary Degree of Doctor of the University of Glasgow from a world class university which shines with memories of the great economist Adam Smith."

University principal, Sir Muir Russell, said: "Professor Muhammad Yunus challenges the received wisdom on the economic relationship between rich and poor.

"His thinking resonates with the economic philosophy of one of the university's greatest luminaries, Adam Smith.

"The University of Glasgow is to award an honorary degree to Professor Yunus in recognition of his pioneering and inspirational work providing small, unsecured business loans to the poor enabling millions of people to work their way out of poverty with dignity."