New Directions in Studying Buddhist Monasticism

In 1997, Shasana Rakkhit Bhikkhu, a Bangladeshi Buddhist monk, established a bank named the Buddhist Co-operative Credit Union Limited (BCCUL). A Buddhist monk being the head of a financial organization radically challenged the common perception of Buddhist monks being detached from worldly affairs. Initially, the BCCUL aimed to help 20 poverty-stricken people. Now, it has expanded to over 23,000 members, transcending religious boundaries and promoting trust among Buddhists, Hindus, and Muslims. Shasana Rakkhit Bhikkhu’s daily routine resembles that of a corporate executive as he manages his many initiatives which include organizing ordination ceremonies, leading meditation retreats, undertaking housing projects, founding a Buddhist art academy, and establishing a beauty salon academy for Buddhist women. While these endeavours challenge traditional notions of monasticism, they also provoke controversy and backlash from proponents of a more orthodox approach. Despite this, his multifaceted activities blend spiritual insight with commercial acumen, empowering Bangladeshi Buddhists and nurturing interreligious harmony.

This study seeks to understand how a Buddhist monk effectively manages a financial organization, how his initiatives contribute to community development across religious traditions, and how these initiatives challenge or expand the traditional role of Buddhist monasticism.