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Sağlama record · BIST: ARCLK

Arçelik

Arçelik (ARCLK) shares are not on Borsa Istanbul's participation index list (BIST Participation All Shares) for the period from October 1, 2026 to April 30, 2027. Source: Borsa Istanbul's list of participation index constituents, Oct 1, 2026. In the company's KAFİF declaration for the first half of 2026, the interest-bearing loans ratio is 41.66%, against a threshold of 33%.

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

Based on the financial statements for the first half of 2026, the interest-bearing loans 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

depends on the declaration
at most43.7%

Proven lower bound 6.1% · cautious upper bound 43.7%

Calculation and source

Calculation: numerator ÷ denominatorTRY 260,253,563,000÷TRY 595,244,279,000 (total assets)× 100

RatioInterest-bearing loans / total assets

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.

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 6: “Kısa vadeli krediler” TRY 105,317,739 thousand: undetermined, kept in the upper bound; “Kısa vadeli kira yükümlülükleri” TRY 4,150,740 thousand: not counted (proven); “Faktoring işlemlerinden borçlar” TRY 836,562 thousand: counted in the ratio (proven); “Diğer kısa vadeli borçlanmalar (*)” TRY 18,707,409 thousand: undetermined, kept in the upper bound. Note 6: “Uzun vadeli krediler” TRY 64,095,950 thousand: undetermined, kept in the upper bound; “Uzun vadeli tahvil ihraçları (*)” TRY 35,185,412 thousand: counted in the ratio (proven); “Uzun vadeli kira yükümlülükleri” TRY 8,141,945 thousand: not counted (proven). Notes that could not be used: Note 9 (Other payables): the note's amounts could not be matched to this item automatically. Note 6 (Current portion of long-term borrowings): the note's amounts could not be matched to this item automatically. The ratio is in the range 6.05% to 43.72%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Kısa vadeli krediler · Short-term borrowings, note 6105,317,739undetermined, kept in the upper boundTKBB Guideline 6.1
Kısa vadeli kira yükümlülükleri · Short-term borrowings, note 64,150,740not counted (proven)TKBB Guideline 6.2
Faktoring işlemlerinden borçlar · Short-term borrowings, note 6836,562counted in the ratio (proven)TKBB Guideline 6.1
Diğer kısa vadeli borçlanmalar (*) · Short-term borrowings, note 618,707,409undetermined, kept in the upper boundTKBB Guideline 4.1
Uzun vadeli krediler · Long-term borrowings, note 664,095,950undetermined, kept in the upper boundTKBB Guideline 6.1
Uzun vadeli tahvil ihraçları (*) · Long-term borrowings, note 6The company's note says: “İhraç edilen finansman bonoları ve tahviller:”35,185,412counted in the ratio (proven)TKBB Guideline 6.1
Uzun vadeli kira yükümlülükleri · Long-term borrowings, note 68,141,945not counted (proven)TKBB Guideline 6.2

KAFİF declaration 41.7% (first half 2026) · Sağlama range 6.1% to 43.7% (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
11.3%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 67,027,929,000÷TRY 595,244,279,000 (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. The deductions the company declares on line 5G of its KAFİF form are not used in the measurement; they could not be confirmed from the financial statements and notes, so the deduction was set to 0. The ratio is therefore an upper bound for the items shown in the financial statements. Note 5: “kapsamlı gelire kaydedilen varlıklar” TRY 288,718 thousand: undetermined, kept in the upper bound. Notes that could not be used: Note 4 (Cash and cash equivalents): the note's amounts could not be matched to this item automatically. The ratio is in the range 0.00% to 11.26%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
kapsamlı gelire kaydedilen varlıklar · Financial investments, note 5288,718undetermined, kept in the upper bound

KAFİF declaration 9.2% (first half 2026) · Sağlama range 0.0% to 11.3% (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

within the threshold
4.0%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 12,135,954,000÷TRY 301,555,999,000 (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.

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 22: “Ticari işlemlere ilişkin kur farkı gelirleri” TRY 4,493,030 thousand: not counted (proven); “Koşullu yükümlülüklerin sonlandırılması kaynaklı kazançlar (*)” TRY 6,661,667 thousand: undetermined, kept in the upper bound; “Tazminat ve teşvik gelirleri” TRY 308,821 thousand: not counted (proven); “Ticari işlemlere ilişkin vade farkı gelirleri” TRY 252,497 thousand: not counted (proven); “Konusu kalmayan beklenen kredi zarar karşılığı (Not 8)” TRY 51,230 thousand: not counted (proven); “Yeniden yapılandırmaya ilişkin karşılık iptalleri” TRY 0 thousand: not counted (proven); “Diğer” TRY 57,567 thousand: undetermined, kept in the upper bound. Note 24: “Kur farkı gelirleri (*)” TRY 3,566,540 thousand: not counted (proven); “Faiz gelirleri” TRY 3,359,216 thousand: counted in the ratio (proven); “Türev araçlardan karlar” TRY 1,822,295 thousand: counted in the ratio (proven); “Diğer” TRY 145,973 thousand: undetermined, kept in the upper bound. Note 23: “Sabit kıymet satış karı” TRY 15,391 thousand: not counted (proven); “Temettü gelirleri” TRY 7,487 thousand: undetermined, kept in the upper bound; “Finansal varlık satış karı” TRY 0 thousand: undetermined, kept in the upper bound. The ratio is in the range 1.72% to 4.02%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Ticari işlemlere ilişkin kur farkı gelirleri · Other income from operating activities, note 224,493,030not counted (proven)TKBB Guideline 4.2
Koşullu yükümlülüklerin sonlandırılması kaynaklı kazançlar (*) · Other income from operating activities, note 22The company's note says: “31 Ağustos 2022 tarihinde satın alma işlemleri tamamlanan IHP Appliances JSC ve IHP Kazakhstan şirketlerine ilişkin koşullu satın alma bedeli yükümlülüğünün sona erdirilmesi amacıyla Whirlpool EMEA Holdings LLC ile bir tadil sözleşmesi imzalanmıştır. Sözleşme kapsamında Grup tarafından 2.123.800 TL tutarında ödeme yapılması karşılığında, 30 Haziran 2026 tarihi itibarıyla finansal durum tablosundan çıkarılmadan önce 7.031.806 TL kayıtlı değeri üzerinden izlenen söz konusu uzun vadeli yükümlülüğe ilişkin mevcut ve gelecekte doğabilecek tüm ödeme yükümlülükleri sona ermiştir. İşlemin konsolide finansal tablolara etkisi sonucunda oluşan 4.908.006 TL tutarındaki gelir, “Esas Faaliyetlerden Diğer Gelirler” kalemi altında muhasebeleştirilmiştir.”6,661,667undetermined, kept in the upper bound
Tazminat ve teşvik gelirleri · Other income from operating activities, note 22308,821not counted (proven)TKBB Guideline 4.2
Ticari işlemlere ilişkin vade farkı gelirleri · Other income from operating activities, note 22252,497not counted (proven)TKBB Guideline 4.2
Konusu kalmayan beklenen kredi zarar karşılığı (Not 8) · Other income from operating activities, note 2251,230not counted (proven)TKBB Guideline 4.2
Yeniden yapılandırmaya ilişkin karşılık iptalleri · Other income from operating activities, note 220not counted (proven)TKBB Guideline 4.2
Diğer · Other income from operating activities, note 2257,567undetermined, kept in the upper boundTKBB Guideline 4.1
Kur farkı gelirleri (*) · Finance income, note 24The company's note says: “Kur farkı gelirleri, nakit ve nakit benzerleri, finansal borçlanmalar ve diğer finansal yükümlülükler ile ilişkilidir.”3,566,540not counted (proven)TKBB Guideline 4.2
Faiz gelirleri · Finance income, note 243,359,216counted in the ratio (proven)TKBB Guideline 4.1
Türev araçlardan karlar · Finance income, note 241,822,295counted in the ratio (proven)TKBB Guideline 4.1
Diğer · Finance income, note 24145,973undetermined, kept in the upper boundTKBB Guideline 4.1
Sabit kıymet satış karı · Income from investing activities, note 2315,391not counted (proven)TKBB Guideline 4.2
Temettü gelirleri · Income from investing activities, note 237,487undetermined, kept in the upper boundTKBB Guideline 4.2
Finansal varlık satış karı · Income from investing activities, note 230undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 4.0% (first half 2026) · Sağlama range 1.7% to 4.0% (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
Changes this period
These shares are not among the changes Borsa Istanbul announced for this period.Source: Borsa Istanbul announcement, Sep 29, 2026
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

7 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 9.61% · assets 105.76% · loans 44.69%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 9.61% · assets 14.98% · loans 44.69%.
  3. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 9.61% · assets 14.98% · loans 46.91%.
  4. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 2.22% · assets 13.33% · loans 44.67%.
  5. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 2.22% · assets 13.33% · loans 44.67%.
  6. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 4.02% · assets 11.26% · loans 43.72%.
  7. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 1.72% to 4.02% · assets 0.00% to 11.26% · loans 6.05% to 43.72%. 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

  • ARCLK financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 7e5008b38778…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 4.0%, interest-bearing assets 9.2%, interest-bearing loans 41.7%. 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?
Yes
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 SLIPARCLK · 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
4.0%
Purification amount
TRY 48.24

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 1.72%); 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.