Çemtaş (CEMTS) 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-2026-6A-CEMTS
Based on the financial statements for the first half of 2026, all three ratios are within the TKBB thresholds.
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 9: “Ortaklara borçlar (Not 4)” TRY 33,228: undetermined, kept in the upper bound. Notes that could not be used: Note 7 (Short-term borrowings): the note's amounts could not be matched to this item automatically. Note 7 (Current portion of long-term borrowings): the columns of the note's table could not be read reliably. Note 7 (Long-term borrowings): the columns of the note's table could not be read reliably. The ratio is in the range 0.00% to 18.54%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Ortaklara borçlar (Not 4) · Other payables, note 9
33,228
undetermined, kept in the upper bound
TKBB Guideline 6.1
KAFİF declaration 18.5% (first half 2026) · Sağlama range 0.0% to 18.5% (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 6: “Likit Fon (*)” TRY 0: undetermined, kept in the upper bound. Note 5: “Kasa” TRY 2,938: not counted (proven); “Banka / Vadesiz Mevduatlar” TRY 24,969,146: not counted (proven); “Banka / Vadeli Mevduatlar” TRY 1,742,285,492: counted in the ratio (proven). The ratio is in the range 17.72% to 19.75%; both bounds give the same result.
KAFİF declaration 17.7% (first half 2026) · Sağlama range 17.7% to 19.8% (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
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: “Kur farkı gelirleri” TRY 162,435,830: not counted (proven); “Arge hibe, teşvik ve destekler” TRY 9,729,901: not counted (proven); “Tahakkuk etmemiş finansman geliri” TRY 5,983,644: undetermined, kept in the upper bound; “İzin Karşılık İptali” TRY 217,368: not counted (proven); “Dava karşılık iptal gelirleri” TRY 0: not counted (proven); “Diğer gelirler” TRY 2,236,179: undetermined, kept in the upper bound. Note 24: “Bankalar kambiyo karı” TRY 219,280,744: not counted (proven); “Faiz gelirleri” TRY 72,164,543: counted in the ratio (proven); “Likit fon değerleme karı” TRY 3,289,587: undetermined, kept in the upper bound. Note 23: “Temettü gelirleri” TRY 4,601,860: undetermined, kept in the upper bound; “Buseb değerleme karı” TRY 0: undetermined, kept in the upper bound; “Maddi duran varlık satış karları” TRY 2,821,782: not counted (proven). The ratio is in the range 1.84% to 2.25%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Kur farkı gelirleri · Other income from operating activities, note 22
162,435,830
not counted (proven)
TKBB Guideline 4.2
Arge hibe, teşvik ve destekler · Other income from operating activities, note 22
9,729,901
not counted (proven)
TKBB Guideline 4.2
Tahakkuk etmemiş finansman geliri · Other income from operating activities, note 22
5,983,644
undetermined, kept in the upper bound
İzin Karşılık İptali · Other income from operating activities, note 22
217,368
not counted (proven)
TKBB Guideline 4.2
Dava karşılık iptal gelirleri · Other income from operating activities, note 22
0
not counted (proven)
TKBB Guideline 4.2
Diğer gelirler · Other income from operating activities, note 22
2,236,179
undetermined, kept in the upper bound
TKBB Guideline 4.1
Bankalar kambiyo karı · Finance income, note 24
219,280,744
not counted (proven)
TKBB Guideline 4.2
Faiz gelirleri · Finance income, note 24
72,164,543
counted in the ratio (proven)
TKBB Guideline 4.1
Likit fon değerleme karı · Finance income, note 24
3,289,587
undetermined, kept in the upper bound
TKBB Guideline 4.2
Temettü gelirleri · Income from investing activities, note 23
4,601,860
undetermined, kept in the upper bound
TKBB Guideline 4.2
Buseb değerleme karı · Income from investing activities, note 23
0
undetermined, kept in the upper bound
Maddi duran varlık satış karları · Income from investing activities, note 23
2,821,782
not counted (proven)
TKBB Guideline 4.2
KAFİF declaration 2.1% (first half 2026) · Sağlama range 1.8% to 2.3% (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
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). Sağlama's expectation for each member is on the Review forecast page. This is a forecast, not the official list.
Status history
6 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 13.56% · assets 23.76% · loans 20.08%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 13.56% · assets 23.76% · loans 20.08%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: all three ratios within the threshold. Income 1.99% · assets 23.56% · loans 20.08%.
Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: all three ratios within the threshold. Income 1.99% · assets 23.56% · loans 20.08%.
Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: all three ratios within the threshold. Income 2.25% · assets 19.75% · loans 18.54%.
MeasurementTKBB rules, August 2025, version 3 · first half 2026: all three ratios within the threshold. Income 1.84% to 2.25% · assets 17.72% to 19.75% · loans 0.00% to 18.54%.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
CEMTS financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint c3c60da896d5… · fingerprint of the downloaded file 10e4b3a97d81…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 (first half 2026): excluded income 2.1%, interest-bearing assets 17.7%, interest-bearing loans 18.5%. 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?
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 SLIPCEMTS · 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
2.3%
Purification amount
TRY 27.00
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 1.84%); 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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