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Sağlama record · BIST: BORSK

Bor Şeker

Bor Şeker (BORSK) shares are 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.

Dated October 17, 2026No. SGL-2026-06-BORSK

Based on the financial statements for the period ending June 2026, all three ratios are within the TKBB thresholds.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
9.2%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 864,320,175÷TRY 9,404,265,040 (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 6: “Taksitli TL Krediler” TRY 554,688,968: undetermined, kept in the upper bound; “Kredi kartları” TRY 856,313: undetermined, kept in the upper bound. Note 6: “Taksitli TL finansal kiralama yükümlülükleri” TRY 1,574,154: not counted (proven); “Taksitli TL krediler” TRY 150,253,710: undetermined, kept in the upper bound. Note 6: “Taksitli TL finansal kiralama yükümlülükleri” TRY 241,105: not counted (proven); “Taksitli TL krediler” TRY 158,261,094: undetermined, kept in the upper bound. Notes that could not be used: Other payables: no note was found for this item (condensed interim report). The ratio is in the range 0.00% to 9.19%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Taksitli TL Krediler · Short-term borrowings, note 6554,688,968undetermined, kept in the upper boundTKBB Guideline 6.1
Kredi kartları · Short-term borrowings, note 6856,313undetermined, kept in the upper boundTKBB Guideline 6.1
Taksitli TL finansal kiralama yükümlülükleri · Current portion of long-term borrowings, note 61,574,154not counted (proven)TKBB Guideline 6.2
Taksitli TL krediler · Current portion of long-term borrowings, note 6150,253,710undetermined, kept in the upper boundTKBB Guideline 6.1
Taksitli TL finansal kiralama yükümlülükleri · Long-term borrowings, note 6241,105not counted (proven)TKBB Guideline 6.2
Taksitli TL krediler · Long-term borrowings, note 6158,261,094undetermined, kept in the upper boundTKBB Guideline 6.1

KAFİF declaration 0.0% (full year 2025) · Sağlama range 0.0% to 9.2% (period ending June 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, period ending June 2026 statements · Jun 30, 2026

Interest-bearing assets

within the threshold
1.3%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 118,552,292÷TRY 9,404,265,040 (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 9: “Finansal yatırımlar(*)” TRY 114,027,066: undetermined, kept in the upper bound. Note 4: “Kasa” TRY 74,491: not counted (proven); “Bankalar / - Vadesiz mevduat” TRY 338,224,002: not counted (proven); “Bankalar / - Vadeli mevduat” TRY 2,981,781: counted in the ratio (proven); “Diğer hazır değerler (*)” TRY 1,543,445: undetermined, kept in the upper bound. The ratio is in the range 0.03% to 1.26%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Finansal yatırımlar(*) · Financial investments, note 9The company's note says: “Finansal yatırımlar para piyasası fonlarından oluşmaktadır.”114,027,066undetermined, kept in the upper bound
Kasa · Cash and cash equivalents, note 474,491not counted (proven)TKBB Guideline 5.2
Bankalar / - Vadesiz mevduat · Cash and cash equivalents, note 4338,224,002not counted (proven)TKBB Guideline 5.2
Bankalar / - Vadeli mevduat · Cash and cash equivalents, note 42,981,781counted in the ratio (proven)TKBB Guideline 5.1
Diğer hazır değerler (*) · Cash and cash equivalents, note 4The company's note says: “Diğer hazır değerler pos alacaklarından oluşmaktadır.”1,543,445undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 0.0% (full year 2025) · Sağlama range 0.0% to 1.3% (period ending June 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, period ending June 2026 statements · Jun 30, 2026

Excluded income

within the threshold
2.2%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 33,732,607÷TRY 1,531,766,281 (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 15: “Ertelenmiş finansman gelirleri” TRY 21,280,794: undetermined, kept in the upper bound; “Kur farkı gelirleri” TRY 37,072,962: not counted (proven); “Konusu kalmayan dava karşılık gelirleri” TRY 0: not counted (proven); “Diğer gelirler” TRY 366,803: undetermined, kept in the upper bound. Note 16: “Finansal yatırımların gerçeğe uygun değer artışları” TRY 3,816,142: undetermined, kept in the upper bound; “Menkul kıymet satış karları” TRY 7,222,907: undetermined, kept in the upper bound; “Faiz gelirleri” TRY 1,045,961: counted in the ratio (proven). The ratio is in the range 0.07% to 2.20%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ertelenmiş finansman gelirleri · Other income from operating activities, note 1521,280,794undetermined, kept in the upper boundTKBB Guideline 4.1
Kur farkı gelirleri · Other income from operating activities, note 1537,072,962not counted (proven)TKBB Guideline 4.2
Konusu kalmayan dava karşılık gelirleri · Other income from operating activities, note 150not counted (proven)TKBB Guideline 4.2
Diğer gelirler · Other income from operating activities, note 15366,803undetermined, kept in the upper boundTKBB Guideline 4.1
Finansal yatırımların gerçeğe uygun değer artışları · Income from investing activities, note 163,816,142undetermined, kept in the upper boundTKBB Guideline 4.1
Menkul kıymet satış karları · Income from investing activities, note 167,222,907undetermined, kept in the upper boundTKBB Guideline 4.1
Faiz gelirleri · Income from investing activities, note 161,045,961counted in the ratio (proven)TKBB Guideline 4.1

KAFİF declaration 0.0% (full year 2025) · Sağlama proven lower bound 0.1% (period ending June 2026) · the declaration is below the proven lower bound, a question for the KAFİF Committee · View the form on KAP

Source: company financial report, period ending June 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.

Official list record

Official list
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). Sağlama's expectation for each member is on the Review forecast page. This is a forecast, not the official list.

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 · period ending March 2026: all three ratios within the threshold. Income 4.47% · assets 1.18% · loans 10.51%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · period ending March 2026: all three ratios within the threshold. Income 2.36% · assets 0.89% · loans 10.48%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · period ending March 2026: all three ratios within the threshold. Income 2.36% · assets 0.89% · loans 10.48%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · period ending June 2026: all three ratios within the threshold. Income 2.20% · assets 1.26% · loans 9.19%.
  5. MeasurementTKBB rules, August 2025, version 3 · period ending June 2026: all three ratios within the threshold. Income 0.07% to 2.20% · assets 0.03% to 1.26% · loans 0.00% to 9.19%.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

  • BORSK financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 6927c2355404… · fingerprint of the downloaded file 5c0678e63b2d…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

Based on data as of this date, the three ratios we measure are within the TKBB thresholds.

The company's KAFİF declaration

The company's declaration on the KAP form (full year 2025): excluded income 0.0%, interest-bearing assets 0.0%, interest-bearing loans 0.0%. The three declared ratios are within the thresholds. 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 SLIPBORSK · period ending June 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
2.2%
Purification amount
TRY 26.40

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 0.07%); 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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Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation All Shares.