Bangladeshi Economist Claims Nobel Peace Prize

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Nobel Peace laureate Muhammad Yunus i

Nobel Peace laureate Muhammad Yunus holds the Nobel medal and diploma at Oslo Town Hall Dec. 10, 2006. The micro-credit pioneer from Bangladesh won the Nobel Peace prize for his work to end poverty. Daniel Sannum Lauten/AFP/Getty Images hide caption

itoggle caption Daniel Sannum Lauten/AFP/Getty Images
Nobel Peace laureate Muhammad Yunus

Nobel Peace laureate Muhammad Yunus holds the Nobel medal and diploma at Oslo Town Hall Dec. 10, 2006. The micro-credit pioneer from Bangladesh won the Nobel Peace prize for his work to end poverty.

Daniel Sannum Lauten/AFP/Getty Images

Muhammad Yunus, the Bangladeshi economist known as the "banker to the poor," was awarded the Nobel Peace Prize on Sunday in Oslo, Norway.

The "microcredit" pioneer shared the award with his Grameen Bank for helping people rise above poverty by giving them small, usually unsecured loans.

"I firmly believe that we can create a poverty-free world if we collectively believe in it," Yunus said. "The only place you would be able to see poverty is in a poverty museum."

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