Organization Info



BRIEF HISTORY:

In the early fifties, Christian Community in Dhaka City was facing severe economic crisis. There was very limited scope to borrow money for any emergency or productive purposes. They could not access loan from the formal institutions as they failed to fulfill the requirements of financial institutions. So, they were compelled to borrow money from the local moneylender like; Hindu ‘Shaha’, ‘Kabuliwala’ and Landlord who charged an exorbitant rate of interest on loan (monthly 10% rate of interest). Though the loan from moneylender served their urgent needs but the impact was hazardous. The loan from moneylenders put them in huge financial burden repaying loan along with high rate of interest. Most of the households lost their belongings repaying loan which put them more economic suffering. Many Christian households became destitute. In such situation, some benevolent Christian social workers of Dhaka City were looking the way by which they could resolve their economical difficulties. An American priest Rev. Fr. Charles J. Young has been inspired by Arch Bishop Lawrence L. Graner CSC to stand besides Christian communities to overcome the situation. In early 1953 Arch Bishop sent Rev. Fr. Charles to COADY International Institute at St. Francis Xavier University, Canada to undergone nine month training on Cooperative movement as well as on social development. Rev. Fr. Charles J. Young returned from COADY with the dream to establish a strong economic platform. He assembled some dedicated Christian leaders to establish a solid institution by which poor and marginalized Christian households could be beneficial socially and economically. They came to the common understanding about the urgent need of establishing a Credit Union which can create huge impact in the lifestyle of Christian community in Dhaka. His dream became to a reality founding a Credit Union, which now called “The Christian Co-operative Credit Union Ltd., Dhaka (in brief Dhaka Credit), Bangladesh” on July 03, 1955. Dhaka Credit started with only 50 founding members in 1955 which is turn now one of the biggest Cooperative Society in Bangladesh in terms of membership as well as capital. Dhaka Credit obtained registration in 1958 (Holding Reg. No. 42/1958) under the Bengal Co-operative Act. 1940. You will find the information about the membership & institutional capital under the several sections.