The Finance Ministry is considering the establishment of a special-purpose Buddhist bank similar to the Islamic Bank of Thailand, says Deputy Finance Minister Wirun Techapaiboon.
The ministry estimates that temples across the country have a combined savings of more than 200 billion baht, driven by those large temples famed for merit-making and donations such as Wat Sothorn in Chachoengsao province.
Mr Wirun said the first stage will involve a particular outlet of the Government Savings Bank as an alternative for temples to make deposits.
The deposits will not be lent to any entities such as bars and massage parlours that contravene the rules of Buddhism.
If the idea succeeds, then the bank will be upgraded to the first Buddhist bank in Thailand.
The Sangha Supreme Council of Thailand came up with the idea of a bank that operates in accordance with religious principles.
Such a bank could fund monks' residences, monasteries and Buddhism schools. It could distribute 10% of profits to temple maintenance.
A Finance Ministry source said the idea is fairly awkward for the Fiscal Policy Office, which strongly disagrees with the concept of a Buddhist bank.
The source said it would be hard for the bank to control its non-performing loans and manage collateral. For instance, if a temple failed to repay its debt, seizing its collateral is against societal norms.
"Furthermore, even if the law lets a temple administrator be a loan guarantor, it doesn't make sense, as they mostly cannot repay debt anyway, and how to make religious activities commercially viable? It is unacceptable," said the source.
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