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​Yunus Social Business for Community Development Unit is Now in UTP

(5 September 2016)

Yunus Social Business for Community Development Unit for Centre of Social Innovation (CoSI) Universiti Teknologi PETRONAS (UTP) has been recently established to foster social business innovation at the university.


To mark this occasion, a signing of a Memorandum of Understanding (MoU) ceremony was held on 5 September 2016 in Ipoh, Perak between UTP and Nobel Laureate Professor Yunus.  The signing was witnessed by Perak Menteri Besar, Datuk Seri Dr Zambry Abdul Kadir.


Professor Yunus won his Nobel Peace Prize for his work in founding microcredit institution Grameen Bank.  His objective was to help poor people escape from poverty by providing loans on terms suitable to them and by teaching them a few sound financial principles so they could help themselves.


His endeavour in helping the poor shows that they have the capabilities but are deprived of opportunities.  If the poor could be encouraged to be entrepreneurs, they could be self-reliant in generating income.


His success in implementing social business concept to help the poor is now adopted by the Perak state.


Prior to the MoU signing, Nobel Laureate Professor Yunus visited UTP and officiated the Yunus Social Business for Community Development Unit under Centre of Social Innovation (CoSI).


CoSI is a research centre that was set up in UTP to conduct community related research such as innovation and technology diffusion into the communities, entrepreneurship for community empowerment and human-technology interface for community well-being.


The centre also provides support for the university to conduct feasibility and impactful studies for the implementation of community development projects through its corporate social responsibility, in collaboration with UTP Corporate Services Department.


The setting up of the Yunus Social Business for Community Development Unit under CoSI shall further spur UTP CSR efforts for socioeconomic development, especially for the poor and less privileged.


The collaboration between Yunus Centre and UTP CoSI, through strategic research and structured implementation of social business, will strengthen UTP's effort and aspiration on community empowerment, well-being and wealth creation.