"Microcredit, which is already on a sound footing in the country, now needs a regulatory framework and legal back-up," Yunus said while inaugurating a microcredit fair at Dhaka Sheraton Hotel.

Wahiduddin Mahmud, chairman of governing body of Palli Karma-Sahayak Foundation (PKSF), and Fakhruddin Ahmed, PKSF managing director, also spoke at the inaugural ceremony of the two-day fair organised by the PKSF to mark the finale of the United Nations International Micro Credit Year (2005).

A total of 50 NGOs are showcasing their products and activities in the fair, which is open to visitors from 9am to 9pm.

Microcredit has covered half of the total poor of the country posting a remarkable achievement, Yunus said, adding: "Huge potential has been explored as the microcredit lenders and the borrowers have shaped up a unique financial system as a model for the entire world to follow."

A good few nations have vented interest in introducing the system to their countries, Yunus said referring to Saudi Arabia, which has recently sent a government team to get training on microcredit in Grameen Bank.

He said the system, which was first introduced to help the rural poor women, is now delivering multifarious services.

He also called upon the organisers to hold such fair on regular basis.

Wahiduddin Mahmud lauded the role of the PKSF, saying the organisation has been working for the last 15 years to coordinate microcredit activities and bring discipline and transparency in the sector.