Islam is known for several hits from the 1970s like "Moonshadow," "Peace Train," and "The First Cut Is The Deepest" which was a hit for Rod Stewart and, later, Sheryl Crow.
After converting to Islam in 1977 and adopting his new name, the singer took a break from recording. This month he will release his first album of new pop songs in 28 years.
He was awarded the "Man for Peace" prize in Rome at the opening of a meeting of Nobel Peace Prize laureates in 2004. He made headlines earlier that year, when he turned up on Washington's no-fly list for having suspected ties to terrorists — a claim he has strongly denied.
Yunus is being recognized for his founding of the Grameen Bank, which launched an innovative micro-credit program that helps impoverished people become self-employed.
The concert's eclectic lineup includes Barbadian pop star Rihanna, R&B singer John Legend, country star Wynnona, R&B legend Lionel Richie, British soul-pop band Simply Red, Egyptian superstar Hakim, opera singer Renee Fleming, and Norwegian pop star Morten Abel.
A concert special will be broadcast on a yet-to-be announced channel in the U.S., and on more than 100 countries worldwide.