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Quakers in Aotearoa » Groups » Quaker Investment Ethical Trust (QIET)

Quaker Investment Ethical Trust (QIET)

Quaker Investment Ethical Trust (QIET) was established in 1989 by the Religious Society of Friends (Quakers) and registered in that year under the terms of the Charitable Trusts Act 1957. Its primary object is "to provide an ethical savings, investment and loan service in such a way as to reflect Quaker concerns." In 2007 the Trust had assets of $1,400,000.

Most loans have gone to people and organisations who are not able to secure commercial loans. Lending is not restricted to Quakers. Loans have been for housing, small businesses, clearing high interest bearing debt, environmental enhancement and tertiary education.

Download the QIET 2007 Annual Report: Annual Report 2007.pdf [49KB]

Contact QIET administrator: qiet@quaker.org.nz

Investing in QIET

  1. All investments are welcome. They can be lump sum or regular payments.
  2. All deposits are On Call after six months. The Trust will normally make repayments within ten working days
  3. Investors can choose their interest rate: 0%, 2.25%, 4.5%, 5%.
  4. Interest is credited quarterly and automatically reinvested.
  5. Government Withholding Tax is deducted unless the investor has IRD exemption.
  6. Donations are also welcome.

Click here to download Investment information for an individual: Investment Application.pdf [23KB]

Click here to download Investment information for an organization: Investment Application - Organisation.pdf [24KB]

Borrowing from QIET

  1. Loan applications will be considered from all persons and organisations whether they are Quaker or not.
  2. The Trust will concentrate on lending in support of beneficial activities such as low cost housing, energy conservation, employment creation, and projects that enhance our environment.
  3. The Trust will not lend for purposes that the Trustees consider unethical.
  4. The cost of registering the security for the loan will be paid by the applicant.
  5. The current lending rate is 6.5%. This rate is subject to adjustment but has remained the same for the last three years.

Click here to download Small loan application form: Small Loan Application.pdf [36KB]

Click here to download the Business loan application form: Business Loan Application.pdf [36KB]

Click here to download the Income & Expenditure statement: Income Expenditure.pdf [24KB]

Click here to download the Statement of Assets and Liabilities: Assets and Liabilitities.pdf [26KB]

The Dolphin Fund

  1. Loans of up to $5,000 for applicants suffering significant financial hardship
  2. Term up to 3 years with 2 guarantors
  3. The rate of interest will be set at the discretion of the Trustees

Click here to download Small loan application form: Small Loan Application.pdf [36KB]

Save the Planet Loans

  1. Loans of up to $8,000 are available for energy efficiency and conservation, such as insulation, double glazing, hot water cylinder lagging, solar heating.
  2. The term is up to five years with two guarantors required.

Click here to download Save the Planet loan application form: Save the Planet Loan Application.pdf [89KB]

Mortgage Loans

  1. Mortgage loans are generally unavailable due to QIET’s loan size limitations and security requirements.
  2. Contact QIET if there are unique circumstances and/or the amount required is less than $140,000.

QIET Structure and Strategies

The Trust is under the jurisdiction of the Yearly Meeting of the Religious Society of Friends in Aotearoa/New Zealand. It is responsible for appointing the Trustees and terminating or renewing these appointments.

The Trustees are responsible for:
  1. Reporting to Yearly Meeting annually
  2. Reporting to investors and borrowers
  3. Handling loan applications
  4. Advertising QIET services

Strategies

  1. To attract deposits and provide lending for approved projects.
  2. To establish operational systems to minimise overheads and to engage professional and technical services when appropriate. (The Trustees are serving in an honorary capacity.)
  3. To deposit money into appropriate investments compatible with the ethical basis of the Trust.
  4. To distribute profits to investors by setting a rate of return, adjustable from time to time, whilst allowing for the normal establishment of contingency funds and liquidity levels.

Controls and limitations

  1. The Trustees would not normally approve a loan that used more than 10% of all deposits with the Trust.
  2. The Trustees would normally keep 25% of deposits in bank accounts as liquid assets.
  3. All lending is to be secured. There will be contractual agreements appropriately secured and registered where necessary as follows:
    1. A limit of 70% of the valuation of any property using residential property as security.
    2. A limit of 60% of the valuation of any property using business property as security.
  4. If the borrower cannot provide security, this may be provided by two guarantors acceptable to QIET. The guarantors share liability for the loan.

For further information contact the QIET administrator: qiet@quaker.org.nz

Read more about QIET

See the Dolphin Fund for details on Solar Hot Water Fund

Download the QIET application form: