The example of the Grameen Bank has been emulated in all parts of the developing world, with varying degrees of success. This article compares two such replications, the Amanah Ikhtiar Malaysia (AIM) and the Malawi Mudzi Fund (MMF). Both of these projects have experienced troubles since their launch; the AIM seems to have overcome its initial set-backs, whereas the MMF is still experiencing difficulties. The question is asked why the Grameen Bank model should have succeeded in the case of AIM, but not, so far, in the MMF. The fact that MMF's director is allowed less autonomy in the management structure to make decisions about how to run the programme is highlighted as a major weakness in this attempt to adapt a development model to a new country.