Simplify the following text for a Grade 8 native English-speaking person.
Original: Muhammad Yunus ( , pronounced ) ( born 28 June 1940 ) is a Bangladeshi economist and founder of the Grameen Bank , an institution that provides microcredit ( small loans to poor people possessing no collateral ) to help its clients establish creditworthiness and financial self-sufficiency .
Simplified: Muhammad Yunus is a Bangladeshi banker and economist who was born on 28 June 1940 . He was a professor of economics and is famous for his work in microcredit .