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Sağlama record · BIST: ARFYE

ARF Bio Yenilenebilir Enerji Üretim

ARF Bio Yenilenebilir Enerji Üretim (ARFYE) 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 37.57%, against a threshold of 5%.

Dated October 17, 2026No. SGL-2026-3A-ARFYE

The reading of all three ratios in the financial statements for Q1 2026 is not complete; the ratios rest on the items read. The statements will be read again, and the record's result will be given after that.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

statements to be read again
13.9%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 373,580,304÷TRY 2,679,668,466 (total assets)× 100

RatioInterest-bearing loans / total assets

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 rests on the items read from the financial statements; the statements will be read again. Note 12: “İlişkili Olmayan Taraflara Diğer Borçlar” TRY 42,017,984: undetermined, kept in the numerator; “İlişkili Taraflara Diğer Borçlar (Not:31)” TRY 9,238,284: undetermined, kept in the numerator. Note 8: “Banka Kredileri” TRY 83,483,962: undetermined, kept in the numerator; “Finansal Kiralama İşlemlerinden Borçlar” TRY 0: not counted (proven); “Kiralama İşlemlerinden Kaynaklanan Yükümlülükler (*)” TRY 1,509,104: not counted (proven); “Diğer” TRY 255,830: undetermined, kept in the numerator. Note 8: “Uzun Vadeli Kredilerin Anapara Taksitleri ve Faizleri” TRY 124,094,570: counted in the ratio (proven). Note 8: “Banka Kredileri” TRY 114,489,674: undetermined, kept in the numerator; “Kiralama İşlemlerinden Kaynaklanan Yükümlülükler” TRY 4,433,128: not counted (proven). On the items read, the measured range is 4.63% to 13.94%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
İlişkili Olmayan Taraflara Diğer Borçlar · Other payables, note 1242,017,984undetermined, kept in the numeratorTKBB Guideline 4.1
İlişkili Taraflara Diğer Borçlar (Not:31) · Other payables, note 129,238,284undetermined, kept in the numeratorTKBB Guideline 6.1
Banka Kredileri · Short-term borrowings, note 883,483,962undetermined, kept in the numeratorTKBB Guideline 6.1
Finansal Kiralama İşlemlerinden Borçlar · Short-term borrowings, note 80not counted (proven)TKBB Guideline 6.2
Kiralama İşlemlerinden Kaynaklanan Yükümlülükler (*) · Short-term borrowings, note 8The company's note says: “Kiralama İşlemlerinden Yükümlülükler, TFRS 16 Kiralama standardı kapsamında bilanço tarihleri itibari ile ödenmeyen kiraların bugüne indirgenmiş tutarlarından oluşmaktadır.”1,509,104not counted (proven)TKBB Guideline 6.2
Diğer · Short-term borrowings, note 8255,830undetermined, kept in the numeratorTKBB Guideline 4.1
Uzun Vadeli Kredilerin Anapara Taksitleri ve Faizleri · Current portion of long-term borrowings, note 8124,094,570counted in the ratio (proven)TKBB Guideline 6.1
Banka Kredileri · Long-term borrowings, note 8114,489,674undetermined, kept in the numeratorTKBB Guideline 6.1
Kiralama İşlemlerinden Kaynaklanan Yükümlülükler · Long-term borrowings, note 84,433,128not counted (proven)TKBB Guideline 6.2

KAFİF declaration 11.0% (first half 2026) · Sağlama measurement on the items read 4.6% to 13.9% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 2026

View the documentMethod

Interest-bearing assets

statements to be read again
21.4%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 573,063,621÷TRY 2,679,668,466 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

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 rests on the items read from the financial statements; the statements will be read again. Note 6: “Kasa” TRY 17,931: not counted (proven); “Banka / -Vadesiz Mevduat” TRY 217,502,906: not counted (proven); “Banka / -Vadeli Mevduat” TRY 38,839,239: counted in the ratio (proven); “Banka / -Vadesi 3 aydan kısa Banka Para Piyasası Alacakları” TRY 0: undetermined, kept in the numerator; “Diğer” TRY 94,405: undetermined, kept in the numerator. Notes that could not be used: Note 7 (Financial investments (current and non-current)): the note shows only a total line, with no breakdown. On the items read, the measured range is 1.45% to 21.39%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kasa · Cash and cash equivalents, note 617,931not counted (proven)TKBB Guideline 5.2
Banka / -Vadesiz Mevduat · Cash and cash equivalents, note 6217,502,906not counted (proven)TKBB Guideline 5.2
Banka / -Vadeli Mevduat · Cash and cash equivalents, note 638,839,239counted in the ratio (proven)TKBB Guideline 5.1
Banka / -Vadesi 3 aydan kısa Banka Para Piyasası Alacakları · Cash and cash equivalents, note 60undetermined, kept in the numeratorTKBB Guideline 5.1
Diğer · Cash and cash equivalents, note 694,405undetermined, kept in the numeratorTKBB Guideline 4.1

KAFİF declaration 22.9% (first half 2026) · Sağlama measurement on the items read 1.5% to 21.4% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 2026

View the documentMethod

Excluded income

statements to be read again
31.1%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 95,330,565÷TRY 306,410,641 (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 deduction for income that does not count (line 4D of the KAFİF form) is not known and was set to 0. The ratio rests on the items read from the financial statements; the statements will be read again. 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: “Cari Dönem Reeskont Geliri” TRY 0: undetermined, kept in the numerator; “Teşvik Gelirleri” TRY 0: not counted (proven); “Diğer Gelirler ve Karlar” TRY 0: undetermined, kept in the numerator. Note 28: “Faiz Gelirleri” TRY 93,081,404: counted in the ratio (proven); “Kur Farkı Gelirleri” TRY 0: not counted (proven). Note 27: “Menkul Kıymet Satış Karı” TRY 2,249,161: undetermined, kept in the numerator. On the items read, the measured range is 30.38% to 31.11%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Cari Dönem Reeskont Geliri · Other income from operating activities, note 260undetermined, kept in the numeratorTKBB Guideline 4.1
Teşvik Gelirleri · Other income from operating activities, note 260not counted (proven)TKBB Guideline 4.2
Diğer Gelirler ve Karlar · Other income from operating activities, note 260undetermined, kept in the numeratorTKBB Guideline 4.1
Faiz Gelirleri · Finance income, note 2893,081,404counted in the ratio (proven)TKBB Guideline 4.1
Kur Farkı Gelirleri · Finance income, note 280not counted (proven)TKBB Guideline 4.2
Menkul Kıymet Satış Karı · Income from investing activities, note 272,249,161undetermined, kept in the numeratorTKBB Guideline 4.1

KAFİF declaration 37.6% (first half 2026) · Sağlama measurement on the items read 30.4% to 31.1% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 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 index 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

5 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 31.11% · assets 29.50% · loans 14.16%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 31.11% · assets 21.39% · loans 13.94%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: at least one ratio above the threshold. Income 31.11% · assets 21.39% · loans 13.94%.
  4. Removed from the indexRemoved from the BIST Participation All Shares index for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
  5. MeasurementTKBB rules, August 2025, version 3 · Q1 2026: statements to be read again. Income 30.38% to 31.11% · assets 1.45% to 21.39% · loans 4.63% to 13.94%. The ratios rest on the items read.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

  • ARFYE financial report, Mar 31, 2026 (company investor relations site)Mar 31, 2026 · Fingerprint 7c455c4e35eb…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 record's financial statements will be read again. The ratios rest on the items read; the record's result will be given after the new reading. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 37.6%, interest-bearing assets 22.9%, interest-bearing loans 11.0%. 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 SLIPARFYE · Q1 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
31.1%
Purification amount
TRY 373.32

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. The ratio rests on the items read; the statements will be read again, so the ratio and the amount may change. On the items read, the measured range is 30.38% to 31.11%; the purification amount is calculated with the 31.11% found from the items read.

  • 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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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.