On the 37th anniversary of his death, Bangladesh’s Christian community honoured an American Holy Cross priest and microcredit pioneer who transformed their economic future — Father Charles Joseph Young, whose cooperative credit union has grown from 50 members and barely any money in 1955 to 46,000 members with $122.6 million in capital today.
On Nov. 14, the country’s most respected cooperative, the Christian Cooperative Credit Union Ltd., Dhaka — known as Dhaka Credit — and other cooperatives marked Young’s death anniversary with events including tributes at his grave, a Mass, and public discussions on his life and impact.
“If Dhaka Credit had not stood by me today, I would not have been a successful businesswoman and entrepreneur,” said 45-year-old Shukli Kubi, a Garo tribal mother of two.
Kubi, originally from a rural area in Mymensingh Diocese in central Bangladesh, came to Dhaka in search of a livelihood and started working in a beauty parlour for just 500 taka (the equivalent of $4 today) about 15 years ago. After gaining experience, she has now opened a parlour of her own and is considering a loan from Dhaka Credit to expand.
“I easily took a loan from Dhaka Credit to buy at least 150 decimals of land in the village and opened a beauty parlour in Dhaka, where 10 employees are now working,” she said.
Many workers in Kubi’s parlour have gone on to open their own, albeit on a smaller scale, and she is planning to expand further. “I tell people, save some money in Dhaka Credit and take a loan to buy land for yourself or start a business like me,” Kubi said.
Dhaka Credit is a cooperative run by lay Christians in Bangladesh, founded in 1955 under Young’s leadership. The organization, which started with only 50 members and a capital of 25 taka (the equivalent of about $0.20 today), now has 46,000 members and a capital of about $122.6 million. It operates the Divine Mercy Hospital Ltd., a 300-bed facility — the first hospital established by lay Christians in the country — with more than a thousand employees.
At the time of its founding, Catholics in Bangladesh were financially vulnerable and often forced to take loans from landlords at high interest rates. Young established the credit union movement to lift the Christian community out of poverty, explained Michael John Gomes, president of Dhaka Credit. Gomes noted that, due to Young’s influence, more than 250 cooperatives now exist in parishes across the country.
To keep Young’s legacy alive, Dhaka Credit established the Father Charles J. Young Foundation, which benefits people of all religions in Bangladesh. The foundation seeks to create employment for poor and educated unemployed youth via skills training, educational support, and research.
