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Sağlama record · BIST: CEMZY

Cem Zeytin

Cem Zeytin (CEMZY) 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 13.69%, against a threshold of 5%.

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

The reading of the interest-bearing assets and interest-bearing loans ratios in the financial statements for the first half of 2026 is not complete; these 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
13.6%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 747,765,304÷TRY 5,514,370,575 (total assets)× 100

RatioInterest-bearing loans / total assets

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 rests on the items read from the financial statements; the statements will be read again. (Loans from participation banks and lease certificates (sukuk) are deducted only when a note shows them separately; nothing was deducted in this measurement.) Note 7: “-TL Bazlı Ticari Krediler” TRY 88,235,295: undetermined, kept in the numerator; “-TL Bazlı Rotatif Krediler” TRY 0: undetermined, kept in the numerator. Notes that could not be used: Other payables: no note was found for this item (condensed interim report). 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 note's amounts could not be matched to this item automatically. On the items read, the measured range is 0.00% to 13.56%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
-TL Bazlı Ticari Krediler · Long-term borrowings, note 788,235,295undetermined, kept in the numeratorTKBB Guideline 6.1
-TL Bazlı Rotatif Krediler · Long-term borrowings, note 70undetermined, kept in the numeratorTKBB Guideline 6.1

KAFİF declaration 13.6% (first half 2026) · Sağlama measurement on the items read 0.0% to 13.6% (first half 2026) · the statements will be read again · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Interest-bearing assets

statements to be read again
13.7%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 753,974,027÷TRY 5,514,370,575 (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 4: “Bankalar (*)” TRY 54,548,027: undetermined, kept in the numerator; “Diğer Hazır Değerler (Kredi Kartı) (**)” TRY 19,672,207: not counted (proven); “Diğer Menkul Kıymetler (***)” TRY 699,426,000: undetermined, kept in the numerator. On the items read, the measured range is 0.00% to 13.67%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Bankalar (*) · Cash and cash equivalents, note 4The company's note says: “Bankalar hesabının 46.500.000 TL’lik tutarı vadeli kalan kısmı vadesiz mevduattan oluşmaktadır. Bu tutarın içerisinde 37.505 Avro bulunmaktadır (31 Aralık 2025: 66.841 Avro, 135.667 ABD Doları).”54,548,027undetermined, kept in the numeratorTKBB Guideline 5.1
Diğer Hazır Değerler (Kredi Kartı) (**) · Cash and cash equivalents, note 4The company's note says: “Hazır değerler pos alacaklarından oluşmaktadır.”19,672,207not counted (proven)TKBB Guideline 5.2
Diğer Menkul Kıymetler (***) · Cash and cash equivalents, note 4The company's note says: “Diğer menkul kıymetler hisse senetlerinden oluşmaktadır (31 Aralık 2025: Fon ve hisse senetlerinden oluşmaktadır).”699,426,000undetermined, kept in the numeratorTKBB Guideline 4.1

KAFİF declaration 0.0% (first half 2026) · Sağlama measurement on the items read 0.0% to 13.7% (first half 2026) · the statements will be read again · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Excluded income

depends on the declaration
at most14.1%

Proven lower bound 1.3% · cautious upper bound 14.1%

Calculation and source

Calculation: numerator ÷ denominatorTRY 247,388,787÷TRY 1,759,905,380 (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 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 15: “Kur Farkı Gelirleri” TRY 7,921,598: not counted (proven); “Faiz Gelirleri” TRY 713,438: counted in the ratio (proven); “Adat Faiz Gelirleri” TRY 8,173,733: counted in the ratio (proven). Note 14: “Fon Faiz Gelirleri” TRY 13,282,285: counted in the ratio (proven); “Viop Gelirleri” TRY 36,129,677: undetermined, kept in the upper bound; “Duran Varlık Satış Kârı” TRY 944,137: not counted (proven); “Yatırım Amaçlı Gayrimenkul Kira Gelirleri” TRY 100,000: not counted (proven); “Fon ve Hisse Senedi Değer Değişimi Kârları” TRY 176,936,842: undetermined, kept in the upper bound. Notes that could not be used: Other income from operating activities: no note was found for this item (condensed interim report). The ratio is in the range 1.26% to 14.06%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kur Farkı Gelirleri · Finance income, note 157,921,598not counted (proven)TKBB Guideline 4.2
Faiz Gelirleri · Finance income, note 15713,438counted in the ratio (proven)TKBB Guideline 4.1
Adat Faiz Gelirleri · Finance income, note 158,173,733counted in the ratio (proven)TKBB Guideline 4.1
Fon Faiz Gelirleri · Income from investing activities, note 1413,282,285counted in the ratio (proven)TKBB Guideline 4.1
Viop Gelirleri · Income from investing activities, note 1436,129,677undetermined, kept in the upper bound
Duran Varlık Satış Kârı · Income from investing activities, note 14944,137not counted (proven)TKBB Guideline 4.2
Yatırım Amaçlı Gayrimenkul Kira Gelirleri · Income from investing activities, note 14100,000not counted (proven)TKBB Guideline 4.2
Fon ve Hisse Senedi Değer Değişimi Kârları · Income from investing activities, note 14176,936,842undetermined, kept in the upper boundTKBB Guideline 4.2

KAFİF declaration 13.7% (first half 2026) · Sağlama range 1.3% to 14.1% (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
Latest official change

Removed from the BIST Participation All Shares and BIST Participation 100 indices 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

6 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 16.77% · assets 13.45% · loans 18.22%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 16.29% · assets 13.45% · loans 18.22%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 16.29% · assets 13.45% · loans 18.22%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 14.06% · assets 13.67% · loans 13.56%.
  5. Removed from the indexRemoved from the BIST Participation All Shares and BIST Participation 100 indices for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
  6. MeasurementTKBB rules, August 2025, version 3 · first half 2026: statements to be read again. Income 1.26% to 14.06% · assets 0.00% to 13.67% · loans 0.00% to 13.56%. 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

  • CEMZY financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 9fd8c1978170…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 13.7%, interest-bearing assets 0.0%, interest-bearing loans 13.6%. 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 SLIPCEMZY · 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
14.1%
Purification amount
TRY 168.72

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 1.26%); 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.