The Buddhist Co-operative Credit Union Ltd

By Satya Priya

INTRODUCTION

 “The Buddhist Co-operative Credit Union Ltd.” was established in 1997. The noble goal and objective of this union is to provide easily and give good financial services among the poor and marginalized Buddhist household in Chittagong. To become a member of BCCUL, take steps to saving money with members. Then after that they focused only to provide loan services among its members for their productive purposes. This is the first Buddhist Credit Union for Buddhist people in Bangladesh. The first founder of The Buddhist Co-operative Credit Union was a monk in Bangladesh.

BACKGROUND OF FOUNDER

 Venarable Shasana Rakkhit Bhikkhu, was born on 1971 at Kadalpur in Chittagong in a Buddhist family. He is a successful and active social service and founded The Buddhist Co-operative Credit Union Ltd. He has many contributions for society and Buddhism. And also he involve with many international and national organizations on different position. He got ordination on 1989. In the present time he is a director and abbot of “Bangladesh Bhikkhu and meditation Center” and “Kadapur Surdhamananda Vihar” and also founder and chief advisor of The Buddhist Co-operative Credit Union Ltd.

HOW THE BCCUL FOUNDED

 The Founder of BCCUL studied great Level VI that time. He grew up to his uncle’s house (Mother’s of father house). He saw in that village all of people were facing severe economic crisis and many of the villagers use to take loans from different kinds of NGO. His grandmother used to take loan from them and had to pay loan with installment to them weekly. There was a time she had no money to use in paying her loan then what she usually doing is she had to borrow or lend money to other lenders with 12% monthly for paying her loan. This is the start why some cannot cope up to pay the money they borrowed. Not only his grandmother but also most of villagers take loans from the NGO. When Founder of BCCUL becomes an abbot of Monastery of Surdhamanada and director of Bangladesh Bhikkhu Training and Meditation Center, most of villagers used to come to borrow money for the payment of their NGO loan. Sometimes they use to borrow money to the abbot. If he don’t lend money to them will create some stories or used to cry even they don’t believe that doesn’t have money. Most of villager’s women use to borrow from local moneylenders who charged highest rates of interest with 10% - 20%. The reason why they borrow money is for the payment NGO loan they got. When all of events appear to him that time he used to think lot for villagers. One day he made a plan to meet all women and men He introduced his plan to them. He said to them if you save only 5 Taka to me every month then it will be big amount one day which money you can take from me for giving NGO loan or doing something. All the time he is finding and thinking another way to do some remedy and solutions on how to help villagers and how possible that opportunities will come true. He got a change to meet a field executive member of Karitas and Director of The Co-operative Credit Union in 1996. He built up good relationship with him and he explained the common problems of his poor villagers. Then The Director of The Co-operative Credit Union gave an idea to open a credit union. He took it very seriously and he thought how to convince all of villager’s people. He called a meeting for the people in the villagers. When he explained about his idea to open a credit union all of people supported him. His dream came to a reality founding a Credit Union, which called “Pachim Barua Para Saving and Loan Union in Chittagon on February 24, 1997. BBCUL started with only 20 founding members with little amount 320.00 taka capital in 1997 which one turns big membership as well as capital. This institution was designed specially for the poor people whose income is very low. This institution develops the skills of these people who will attend or involve in the program then it will be a good help for their lifestyles at the same time to their relationship with one another. Almost everyday the members in the Credit Union are increasing and through this he work hard for this union. In 2000 he changed the name of Credit Union. He made a new name for the all of Buddhist people which was called “The Buddhist Co-Operative Saving and Loan Union”. At the same time The Buddhist Co-operative Saving and Loan Union was registered officially to the government of Co-operation office and achieve fully member from the CULB. In 2007 the constitution changed, The Buddhist Co-Operative Saving and Loan Union and wanted permission to set up the credit Union for the whole Chittagong Buddhist area from The Bangladesh government. At the same time the name of the credit union changed by the name “The Buddhist Co-operative Credit Union Ltd”. At present The Buddhist Co-Operative is running more 50 villages around the Chittagong District.

ACTIVITIES OF BCCUL

 1. Share Project

2. Saving Deposit Project

3. Children Saving Project

4. Loan Project

5. Education Training Project

6. Mutual Aged Service

7. Income Increase Project

8. Short and Long term Deposit Project

9. Buddhist Pension Scheme

 10. Housing Scheme Project

 11. Social Welfare Project

12. Higher Education Loan Project

 13. Tree Plantation Project

 14. Publicity and Publication Project Three Months Profit Project

 15. 7 years Double Deposit Scheme

AIM AND OBJECTIVE OF BCCUL

 1. To teach to be thrifty to increase the saving of each members

 2. Members of the funds and resources available to fund the provision of credit and loans to provide capital 3. To build a good relationship of each members

 4. To encourage the children to save

5. The build Self-reliance and mutual cooperation among each member to improve the economic and social aspect.

HOW TO MAKE A LOAN APPLICATION

 Before applying the loan there are several policies and rules of BCCUL to be considered: Any one who is at the age of 18 can apply the loan. If the applicant is below 18 he or she needs a guarantor. In making a loan application for a maximum amount (up to 100,000.00 TK), you may have to meet with the credit committee. BCCUL has its own policy on conditions that need to be met before the loan is granted. Once the loan is granted, you are asked to complete a promissory note, the purpose of this incase you can not pay the said amount and cannot pay on due date then this binding document, in which you promise to repay the loan and to commit to regular payments.

 BENEFIT OF MEMBERS 

Now The Buddhist Co-operative Credit Union Lt. has 920 members with 100, 000, 00.00 TK capital. All of members get facility to take loan. Even they very interested to save their money. BCCU provides many different kinds of loan system with lower interest rates in many sectors for the benefit of the poor Buddhist people. On average, BCCU offer higher rates on different kinds of savings project and lower interest rates on loan. As a result most of members are improving their lifestyles. The rate of poverty is decreasing All savings products are designed to help each member to build larger capital so that they could utilize those to make their life sustainable. Many members are accessing different loans for them to meet their needs and to upgrade their lifestyles. 

RIGHTS AND RESPONSIBILITIES OF MEMBERS 

Any Buddhist people can be a member of The Buddhist Co-Operative Credit Union. Each member has the right to see and inform the development of the union and how is being run by the credit union officers. Members are entitled to inform on the accounts of the credit union, as well as the names of credit union employees and members on the Board of Directors and committees. However, the credit union staff and voluntary workers sign a pledge of confidentiality to keep the information on individual member accounts private. Members are therefore unable to obtain information on the accounts of fellow members. Each member has only one vote, which can be exercised at the Annual General Meeting (AGM) to elect the Board of Directors. The Board then appoints the credit committee. Members at the AGM also appoint the managerial committee. The management committee's role is to ensure that the Board of Directors works in the best interests of the members and within the law. The committee checks the books of the credit union and evaluates its operation. Only members are eligible for election to the Board or committees. They are voluntary positions and holders do not receive any payment. Every member can vote him or herself forward for election to the Board or committees. 

BCCUL CONTRIBUTION FOR PROMOTING PEACE 

We can see Buddha also has given many examples in different suttas for developing a country’s economy and peace through the right use of resources and avoiding force. In the Kutadanta Sutta, how in order to raise the social and economic conditions of a country, the farmers and traders should be given the necessary facilities to carry on their farming and business, and that the people should be paid adequate wages. Thus when they have enough for their subsistence and are economically secure, crime is lessened and peace and harmony prevail . In another discourse the Buddha explains to Anathapaindika, the banker, the four kinds of happiness a layman ought to enjoy. The first is ownership or economic security, so that he has sufficient means acquired lawfully by his own effort; the second is the joy of wealth or happiness gained by the judicious expenditure of lawful wealth; the third is the bliss of not being in debt, the joy and satisfaction that comes with the thought: "I owe nothing to anyone": the fourth is the bliss of being without blame, which is the satisfaction derived from the thought; "I am blessed with blameless acts of body, speech and mind . 

 A Bangladeshi economist, founder of Grameen Bank Dr. Muhammad Yunus who won the Nobel Peace Prize for pioneering work in giving tiny loans to millions of poor people and social development. He removed poverty through giving a small loan in the rural area where especially lack of poor people. 

In the same way The Buddhist Co-operative Credit Union Ltd is going to promote peace with provide loans in many sector such as purchase housing land, house contraction, treatment, investment for business, education, agriculture cultivation, tree plantation and poultry farm ect. and giving money security for rural people in future. The BCCUL is trying to remove poverty for the social development and bring peace, happiness, liberation on financial crisis, harmony in the Buddhist society. 

CONCLUSION 

Poor people can save and want to save, but some can’t do because of lack of opportunity rather than lack of capacity. Poor people urgently need financial services. Poor people have smaller, more irregular, and often more unreliable incomes, the great bulk of which may be spent as soon as it is received on food and the means to cook it. As a result, whenever they want to buy something other than food or basic needs, they often find they simply do not have the money on hand, even for quite modest expenditures such as basic clothing. This happens to poor people more often than to non-poor people. In such circumstances poor people must go without, sell some hard-won asset, or find some way to tap into past or future income (given that present income is insufficient). Naturally, they prefer the third of these choices, to borrow money with interest. Most of the people income is not enough for the daily expenses. This is the only way or solution to meet their needs by borrowing money to the lenders, in a particular place there are some union that is being put up just to cater the needs of the people. If we compare this BUCCL this co-operative credit union exclusively built to help the needy ones, it gives more benefits of the Buddhist people, while borrowing then you can save too. It is good that there is a one founder who has good heart, because of him the needs of people in Bangladesh (Villager) sustain. The BCCU is trying to remove poverty for the social development and bring peace, happiness, liberation on financial crisis, harmony in the Buddhist society. The purpose is not only to lend money but to promote peace by uniting each member to be one in every aspect of their lives. When ever there are problems arises then through this association will give their hands and help each members to feel they are not alone. From the word union then it means the members are banded together and to protect one’s own right and provide humanitarian assistance if needed. Security will be given also to each members .Through this it can create peaceful communication with one another and secure each member to be free from any danger. Then peace and unity will be built.

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