Astor Enerji (ASTOR) 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 excluded income ratio is 16.53%, against a threshold of 5%.
Dated October 17, 2026No. SGL-2026-6A-ASTOR
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.
Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. The deductions the company declares on line 6J 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. (Loans from participation banks and lease certificates (sukuk) are deducted only when a note shows them separately; nothing was deducted in this measurement.) Note 4: “1 yıl içerisinde ödenecek” TRY 3,223,493,850: undetermined, kept in the upper bound. Note 4: “1-6 yıl içerisinde ödenecek” TRY 2,718,455,742: undetermined, kept in the upper bound. Notes that could not be used: Note 4 (Current portion of long-term borrowings): the note's amounts could not be matched to this item automatically. The ratio is in the range 0.00% to 8.54%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
1 yıl içerisinde ödenecek · Short-term borrowings, note 4
3,223,493,850
undetermined, kept in the upper bound
1-6 yıl içerisinde ödenecek · Long-term borrowings, note 4
2,718,455,742
undetermined, kept in the upper bound
KAFİF declaration 8.5% (first half 2026) · Sağlama range 0.0% to 8.5% (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
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 3: “Yatırım fonları” TRY 14,296,917,550: undetermined, kept in the upper bound; “Re-Pie Portföy Yönetimi A.Ş. Arf Girişim Sermayesi Yatırım Fonu” TRY 1,374,313,058: undetermined, kept in the upper bound; “A1 Capital Yatırım Menkul Değerler A.Ş. Tahvil” TRY 619,827,600: counted in the ratio (proven); “Hedef Portföy Yönetim A.Ş. Kıymet Girişim Sermayesi Yatırım Fonu” TRY 56,505,964: undetermined, kept in the upper bound; “Rota Portföy Yönetimi A.Ş. Girişim Sermayesi Yatırım Fonu” TRY 38,791,911: undetermined, kept in the upper bound; “Albaraka Portföy Yönetim A.Ş. Ostim Girişim Sermayesi Yatırım Fonu” TRY 3,495,563: not counted (proven). Note 3: “ABD Doları” TRY 62,080,922: undetermined, kept in the upper bound; “Irak Dinarı” TRY 13,938,027: undetermined, kept in the upper bound; “Rumen Leyi” TRY 256,600: undetermined, kept in the upper bound; “Türk Lirası” TRY 180,483: undetermined, kept in the upper bound; “- Vadesiz mevduatlar / ABD Doları” TRY 291,166,932: not counted (proven); “- Vadesiz mevduatlar / Avro” TRY 259,441,922: not counted (proven); “- Vadesiz mevduatlar / Irak Dinarı” TRY 221,855,512: not counted (proven); “- Vadesiz mevduatlar / Türk Lirası” TRY 54,090,714: not counted (proven); and 4 more lines. The ratio is in the range 1.08% to 23.56%; both bounds give the same result.
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 14: “Ticari faaliyetlerden kur farkı gelirleri” TRY 2,343,512,053: not counted (proven); “Hurda satış geliri” TRY 153,988,438: not counted (proven); “Reeskont faiz gelirleri” TRY 149,725,574: undetermined, kept in the upper bound; “Vade farkı gelirleri” TRY 19,674,029: not counted (proven); “Diğer (*)” TRY 228,803,079: undetermined, kept in the upper bound. Note 16: “Faiz gelirleri” TRY 148,840,906: counted in the ratio (proven); “Finansman faaliyetlerinden kur farkı gelirleri” TRY 217,115,973: not counted (proven). Note 15: “Fon satış ve finansal yatırımlar gerçeğe uygun değer farkı” TRY 3,963,951,515: undetermined, kept in the upper bound; “Sabit kıymet satış karı” TRY 52,619,576: not counted (proven). The ratio is in the range 0.56% to 16.95%; the outcome depends on the company's declaration.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Ticari faaliyetlerden kur farkı gelirleri · Other income from operating activities, note 14
2,343,512,053
not counted (proven)
TKBB Guideline 4.2
Hurda satış geliri · Other income from operating activities, note 14
153,988,438
not counted (proven)
TKBB Guideline 4.2
Reeskont faiz gelirleri · Other income from operating activities, note 14
149,725,574
undetermined, kept in the upper bound
Vade farkı gelirleri · Other income from operating activities, note 14
19,674,029
not counted (proven)
TKBB Guideline 4.2
Diğer (*) · Other income from operating activities, note 14The company's note says: “Ağırlıklı olarak; yansıtma gelirleri ve ceza gelirlerinden oluşmaktadır.”
228,803,079
undetermined, kept in the upper bound
TKBB Guideline 4.1
Faiz gelirleri · Finance income, note 16
148,840,906
counted in the ratio (proven)
TKBB Guideline 4.1
Finansman faaliyetlerinden kur farkı gelirleri · Finance income, note 16
217,115,973
not counted (proven)
TKBB Guideline 4.2
Fon satış ve finansal yatırımlar gerçeğe uygun değer farkı · Income from investing activities, note 15
3,963,951,515
undetermined, kept in the upper bound
TKBB Guideline 4.1
Sabit kıymet satış karı · Income from investing activities, note 15
52,619,576
not counted (proven)
TKBB Guideline 4.2
KAFİF declaration 16.5% (first half 2026) · Sağlama range 0.6% to 17.0% (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
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.
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
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 22.83% · assets 29.51% · loans 11.00%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 12.74% · assets 27.73% · loans 11.00%.
Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 12.74% · assets 27.73% · loans 11.00%.
Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 16.95% · assets 23.56% · loans 8.54%.
MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.56% to 16.95% · assets 1.08% to 23.56% · loans 0.00% to 8.54%. 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
ASTOR financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 0ce0893f1dec… · fingerprint of the downloaded file 8dbc5d75a6fc…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 16.5%, interest-bearing assets 23.5%, interest-bearing loans 8.5%. 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?
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 SLIPASTOR · 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
17.0%
Purification amount
TRY 203.40
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 0.56%); 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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