On 13 October 2006 the Nobel Committee awarded the Grameen Bank and its founder Muhammad Yunus the 2006 Nobel Peace Prize, "for their efforts to create economic and social development from below." The Grameen Bank, has successfully provided micro-finance services inspired by Islamic teachings. The bank has proved particularly successful in improving the financial and social situation of women – including a higher degree of participation in the labour market, enhanced family and social status, greater freedom of movement, expansion of assets, and general empowerment.