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Sağlama record · BIST: ALFAS

Alfa Solar Enerji

Alfa Solar Enerji (ALFAS) shares were removed from Borsa Istanbul's participation index list (BIST Participation All Shares) as of October 1, 2026 (Borsa Istanbul announcement, Sep 29, 2026). Borsa Istanbul does not state the reason for a removal in its announcement. In the company's KAFİF declaration for the first half of 2026, the excluded income ratio is 8.41%, against a threshold of 5%.

Dated October 17, 2026No. SGL-2026-6A-ALFAS

Based on the financial statements for the first half of 2026, the excluded income ratio depends on the company's declaration: the proven amount alone gives a ratio below the threshold, and the cautious upper bound is above it.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
20.9%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 3,299,811,923÷TRY 15,819,773,584 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. Debts proven not to count (line 6J of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio is therefore an upper bound for the items shown in the financial statements. Note 10: “İlişkili taraflara borçlar (Not 4)” TRY 418,200,004: undetermined, kept in the upper bound; “Ödenecek KDV, stopaj ve diğer vergiler” TRY 2,452,840: undetermined, kept in the upper bound; “Bağlı ortaklık ediniminden borçlar” TRY 32,231,451: undetermined, kept in the upper bound; “Diğer” TRY 7,966,469: undetermined, kept in the upper bound. Note 8: “Banka kredileri” TRY 1,204,043,508: undetermined, kept in the upper bound; “Kredi Kartları” TRY 32,130,073: undetermined, kept in the upper bound. Note 8: “Banka kredileri” TRY 337,914,507: undetermined, kept in the upper bound; “Kiralama işlemlerinden borçlar” TRY 119,037,122: not counted (proven). Note 8: “Banka kredileri” TRY 1,009,938,953: undetermined, kept in the upper bound; “Kiralama işlemlerinden borçlar” TRY 433,678,034: not counted (proven). The ratio is in the range 0.00% to 20.86%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
İlişkili taraflara borçlar (Not 4) · Other payables, note 10418,200,004undetermined, kept in the upper boundTKBB Guideline 6.1
Ödenecek KDV, stopaj ve diğer vergiler · Other payables, note 102,452,840undetermined, kept in the upper boundTKBB Guideline 4.1
Bağlı ortaklık ediniminden borçlar · Other payables, note 1032,231,451undetermined, kept in the upper bound
Diğer · Other payables, note 107,966,469undetermined, kept in the upper boundTKBB Guideline 4.1
Banka kredileri · Short-term borrowings, note 81,204,043,508undetermined, kept in the upper boundTKBB Guideline 6.1
Kredi Kartları · Short-term borrowings, note 832,130,073undetermined, kept in the upper boundTKBB Guideline 6.1
Banka kredileri · Current portion of long-term borrowings, note 8337,914,507undetermined, kept in the upper boundTKBB Guideline 6.1
Kiralama işlemlerinden borçlar · Current portion of long-term borrowings, note 8119,037,122not counted (proven)TKBB Guideline 6.2
Banka kredileri · Long-term borrowings, note 81,009,938,953undetermined, kept in the upper boundTKBB Guideline 6.1
Kiralama işlemlerinden borçlar · Long-term borrowings, note 8433,678,034not counted (proven)TKBB Guideline 6.2

KAFİF declaration 17.8% (first half 2026) · Sağlama range 0.0% to 20.9% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Interest-bearing assets

within the threshold
24.9%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 3,946,018,742÷TRY 15,819,773,584 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

Upper bound. Asset items that may count as interest-bearing (line 5F of the KAFİF form) were taken in full from the public statements. Assets proven not to count (line 5G of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio is therefore an upper bound for the items shown in the financial statements. Note 6: “Hisse Senetleri” TRY 0: undetermined, kept in the upper bound. Note 5: “Kasa” TRY 1,045,244: not counted (proven); “Bankalar / - Vadeli” TRY 942,888,653: undetermined, kept in the upper bound; “Bankalar / - Vadesiz” TRY 71,702,238: not counted (proven); “Bankalar / - Bloke” TRY 4,805,657: undetermined, kept in the upper bound; “Banka Fonları (*)” TRY 345,607,039: undetermined, kept in the upper bound; “Diğer Hazır Değerler” TRY 567,345: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 24.94%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Hisse Senetleri · Financial investments, note 60undetermined, kept in the upper boundTKBB Guideline 5.2
Kasa · Cash and cash equivalents, note 51,045,244not counted (proven)TKBB Guideline 5.2
Bankalar / - Vadeli · Cash and cash equivalents, note 5942,888,653undetermined, kept in the upper boundTKBB Guideline 5.1
Bankalar / - Vadesiz · Cash and cash equivalents, note 571,702,238not counted (proven)TKBB Guideline 5.2
Bankalar / - Bloke · Cash and cash equivalents, note 54,805,657undetermined, kept in the upper boundTKBB Guideline 5.1
Banka Fonları (*) · Cash and cash equivalents, note 5The company's note says: “Vadesi 3 aydan kısa likit fon hesaplarından oluştuğundan nakit ve nakit benzerleri kalemi içerisinde sunulmuştur.”345,607,039undetermined, kept in the upper boundTKBB Guideline 5.1
Diğer Hazır Değerler · Cash and cash equivalents, note 5567,345undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 24.9% (first half 2026) · Sağlama range 0.0% to 24.9% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Excluded income

depends on the declaration
at most11.5%

Proven lower bound 4.4% · cautious upper bound 11.5%

Calculation and source

Calculation: numerator ÷ denominatorTRY 461,339,121÷TRY 4,015,195,581 (total income)× 100

RatioExcluded income / total income

On the KAP form this item is titled “Katılım Finans İlkelerine Uygun Olmayan Gelir”, which means income not in line with participation finance principles.

The measurement is a range. The lower bound counts only the amounts that the statements and notes prove; the upper bound also counts, as a precaution, every item that could not be proven. The threshold falls inside this range, so the outcome depends on the company's KAFİF declaration.

Measured on the items we can calculate. Income items that may count as excluded (line 4C of the KAFİF form) were taken in full from the public statements. Income that the notes prove does not count (line 4D of the KAFİF form) was deducted. Items that could not be separated stayed in the numerator, as a precaution. For these income lines (line 4C), the ratio is an upper bound. Excluded income from business activities (line 4B of the KAFİF form) does not appear in the financial statements; it is only in the company's KAFİF declaration on KAP. This measurement sets it to 0. If there is a declaration, the record shows it separately, with a link. Note 26: “Ertelenmiş finansman gelirleri” TRY 98,787,153: undetermined, kept in the upper bound; “Konusu kalmayan şüpheli ticari alacak karşılıkları” TRY 16,454: not counted (proven); “Konusu kalmayan diğer karşılıklar” TRY 0: not counted (proven); “Konusu kalmayan dava karşılıkları” TRY 476,059: not counted (proven); “Teşvik gelirleri” TRY 20,755,801: not counted (proven); “Kur farkı gelirleri” TRY 175,106,300: not counted (proven); “Kira gelirleri” TRY 3,665,289: not counted (proven); “Hasar tazminat gelirleri” TRY 0: not counted (proven); and 1 more line. Note 29: “Kur farkı gelirleri” TRY 58,347,883: not counted (proven); “Türev araçların gerçeğe uygun değerlemeleri” TRY 65,940,347: counted in the ratio (proven); “VIOP gelirleri” TRY 636,587: undetermined, kept in the upper bound; “Komisyon gelirleri” TRY 6,588,258: undetermined, kept in the upper bound; “Faiz gelirleri” TRY 110,774,286: counted in the ratio (proven). Note 28: “Pazarlıklı satın alım karı” TRY 0: undetermined, kept in the upper bound; “Sabit kıymet satış karları” TRY 116,812: not counted (proven); “Fon gelirleri değer artış kazancı” TRY 0: undetermined, kept in the upper bound; “Eurobond satış gelirleri” TRY 0: counted in the ratio (proven); “Fon satış gelirleri” TRY 80,089,171: undetermined, kept in the upper bound; “Menkul kıymet satış karları” TRY 208,707: undetermined, kept in the upper bound. The ratio is in the range 4.40% to 11.49%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ertelenmiş finansman gelirleri · Other income from operating activities, note 2698,787,153undetermined, kept in the upper boundTKBB Guideline 4.1
Konusu kalmayan şüpheli ticari alacak karşılıkları · Other income from operating activities, note 2616,454not counted (proven)TKBB Guideline 4.2
Konusu kalmayan diğer karşılıklar · Other income from operating activities, note 260not counted (proven)TKBB Guideline 4.2
Konusu kalmayan dava karşılıkları · Other income from operating activities, note 26476,059not counted (proven)TKBB Guideline 4.2
Teşvik gelirleri · Other income from operating activities, note 2620,755,801not counted (proven)TKBB Guideline 4.2
Kur farkı gelirleri · Other income from operating activities, note 26175,106,300not counted (proven)TKBB Guideline 4.2
Kira gelirleri · Other income from operating activities, note 263,665,289not counted (proven)TKBB Guideline 4.2
Hasar tazminat gelirleri · Other income from operating activities, note 260not counted (proven)TKBB Guideline 4.2
Diğer gelirler · Other income from operating activities, note 2618,126,809undetermined, kept in the upper boundTKBB Guideline 4.1
Kur farkı gelirleri · Finance income, note 2958,347,883not counted (proven)TKBB Guideline 4.2
Türev araçların gerçeğe uygun değerlemeleri · Finance income, note 2965,940,347counted in the ratio (proven)TKBB Guideline 4.1
VIOP gelirleri · Finance income, note 29636,587undetermined, kept in the upper bound
Komisyon gelirleri · Finance income, note 296,588,258undetermined, kept in the upper bound
Faiz gelirleri · Finance income, note 29110,774,286counted in the ratio (proven)TKBB Guideline 4.1
Pazarlıklı satın alım karı · Income from investing activities, note 280undetermined, kept in the upper bound
Sabit kıymet satış karları · Income from investing activities, note 28116,812not counted (proven)TKBB Guideline 4.2
Fon gelirleri değer artış kazancı · Income from investing activities, note 280undetermined, kept in the upper bound
Eurobond satış gelirleri · Income from investing activities, note 280counted in the ratio (proven)TKBB Guideline 4.1
Fon satış gelirleri · Income from investing activities, note 2880,089,171undetermined, kept in the upper bound
Menkul kıymet satış karları · Income from investing activities, note 28208,707undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 8.4% (first half 2026) · Sağlama range 4.4% to 11.5% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

The three ratios are calculated from the financial statements, and each bar is scaled to its own threshold. The measurement uses the company's latest published statements, and every record states the period. The official review uses audited six- and twelve-month statements (Standard 3.4), so the periods can differ. Method

This record is produced by Sağlama's calculation from the financial statements the company publishes. The method and the corrections log are public. Responsible for this record: Savaş Tutumlu, founder.

Official list record

Official list
Not on the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
Latest official change

Removed from the BIST Participation All Shares and BIST Participation 100 indices as of October 1, 2026, for the period from October 2026 to April 2027. Source: Borsa Istanbul announcement, Sep 29, 2026 · KAP disclosure 1669816

All changes for the period from October 2026 to April 2027

Next period
Starts on May 1, 2027. Borsa Istanbul is expected to announce the new list by April 29, 2027 at the latest (Ground Rules 2.17).

Status history

6 entries

Each period's record and every correction are kept with their dates. Method

  1. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 19.35% · assets 18.54% · loans 28.91%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 12.62% · assets 18.01% · loans 25.42%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 12.62% · assets 18.01% · loans 25.42%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 11.49% · assets 24.94% · loans 20.86%.
  5. Removed from the indexRemoved from the BIST Participation All Shares and BIST Participation 100 indices for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
  6. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 4.40% to 11.49% · assets 0.00% to 24.94% · loans 0.00% to 20.86%. The range crosses the threshold; the outcome depends on the company's declaration.THIS RECORD

Documents and sources

Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method

  • ALFAS financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 4216effaff6c…View the document
  • Sağlama's calculation and methodTKBB rules, August 2025, version 3Read the method

If a figure looks wrong, write to bilgi@saglama.com. We correct it and record the correction with its date in the corrections log.

What this measurement covers

This result says nothing about the quality of the company. It only shows where a measured ratio stands against the threshold.

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 8.4%, interest-bearing assets 24.9%, interest-bearing loans 17.8%. View the form on KAP

The company's answers to the four yes/no questions on the form:

Do the articles of association of the company, its corporate shareholders or its affiliates include an activity that does not follow participation finance principles?
No
Do the company's articles of association grant a privilege that does not follow participation finance principles?
No
Has the company made a statement or decision supporting the actions defined in Standard 1.5 and TKBB Guideline 1.D?
No
Does the company have activities or income directly contrary to participation finance principles?
No

Purification calculation

Dividend-based method · CALCULATOR (DIVIDEND-BASED METHOD)

Purification calculator

A company within the threshold can still have a small amount of excluded income (interest income and other income the standard excludes). Under the TKBB standard, the part of this income that falls to your shares is given to charitable causes. This duty applies whether the company made a profit or a loss, and whether or not it paid a dividend. The amount set aside does not replace zakat or sadaqa.

CALCULATION SLIPALFAS · first half 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
11.5%
Purification amount
TRY 137.88

Purification amount = gross dividend × excluded income ratio

The number of shares and the dividend are sample inputs. The ratio comes from the company's measurement. To calculate with your own figures, use the purification page.

Purification amount = gross dividend × excluded income ratio (dividend-based method). Under TKBB Standard 3.6.1, purification is needed even if the company makes a loss or pays no dividend. The method page quotes TKBB Standard 3.6, including the inflation deduction under 3.6.2. This is a cautious calculation. The amount may be higher than the true figure, because it uses all of the interest income, not only the part above inflation. The ratio is the upper bound of the measurement (the lower bound is 4.40%); the purification amount is calculated on the upper bound, as a precaution.

  • Excluded income is the part of a company's earnings that is not in line with participation finance principles. On the KAP form it is called “income not in line with participation finance principles.”
  • Purification is done even if the company makes a loss.
  • Purification is needed even if no dividend is paid. The calculation here uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method), which this calculator does not do yet.
  • The purification amount does not replace zakat or sadaqa. Under the TKBB standard, it is given away, not kept.
  • You give the amount yourself, to a charitable cause of your choice. Sağlama does not direct donations.

This calculation uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method). The standard is quoted on the method page.

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Other companies not on the list

The 12 companies just before and after this one in alphabetical order among the companies not on the BIST Participation All Shares list. All companies: Company list.