Enka İnşaat (ENKAI) 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 12.04%, against a threshold of 5%.
Dated October 17, 2026No. SGL-2026-6A-ENKAI
Based on the financial statements for the first half of 2026, more than one ratio depends on the company's declaration: the proven amounts alone give ratios below the threshold, and the cautious upper bounds are 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.) Notes that could not be used: Other payables: no note was found for this item (condensed interim report). Short-term borrowings: no note was found for this item (condensed interim report). Current portion of long-term borrowings: no note was found for this item (condensed interim report). Long-term borrowings: no note was found for this item (condensed interim report). There is no usable evidence from the notes, so the proven amount was set to 0 and the lower bound is 0%. The ratio is in the range 0.00% to 1.95%; both bounds give the same result.
KAFİF declaration 1.4% (first half 2026) · Sağlama range 0.0% to 2.0% (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
RatioInterest-bearing cash and securities / total assets
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.
Upper bound. Asset items that may count as interest-bearing (line 5F of the KAFİF form) were taken in full from the public statements. The deductions the company declares on line 5G 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. Notes that could not be used: Note 13 (Financial investments (current and non-current)): the columns of the note's table could not be read reliably. Cash and cash equivalents: no note was found for this item (condensed interim report). There is no usable evidence from the notes, so the proven amount was set to 0 and the lower bound is 0%. The ratio is in the range 0.00% to 47.50%; the outcome depends on the company's declaration.
KAFİF declaration 42.3% (first half 2026) · Sağlama range 0.0% to 47.5% (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
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 4.11: “Finansal yatırımlar faiz geliri” TRY 1,214,965 thousand: undetermined, kept in the upper bound; “Finansal yatırımlar değer artışları (*)” TRY 0 thousand: undetermined, kept in the upper bound; “Menkul kıymet alım-satım karı” TRY 9,018,121 thousand: undetermined, kept in the upper bound; “Yatırım faaliyetleriyle ilgili kalemlere ait kur farkı geliri” TRY 380,409 thousand: not counted (proven); “Temettü geliri” TRY 179,546 thousand: undetermined, kept in the upper bound; “Sabit kıymet satış geliri” TRY 119,784 thousand: not counted (proven). Notes that could not be used: Note 4 (Other income from operating activities): the note's heading does not name the item. Note 4 (Finance income): the note's heading does not name the item. The ratio is in the range 0.00% to 13.48%; the outcome depends on the company's declaration.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY thousand)
Class
Basis
Finansal yatırımlar faiz geliri · Income from investing activities, note 4.11
1,214,965
undetermined, kept in the upper bound
TKBB Guideline 4.1
Finansal yatırımlar değer artışları (*) · Income from investing activities, note 4.11
0
undetermined, kept in the upper bound
TKBB Guideline 4.1
Menkul kıymet alım-satım karı · Income from investing activities, note 4.11
9,018,121
undetermined, kept in the upper bound
TKBB Guideline 4.1
Yatırım faaliyetleriyle ilgili kalemlere ait kur farkı geliri · Income from investing activities, note 4.11
380,409
not counted (proven)
TKBB Guideline 4.2
Temettü geliri · Income from investing activities, note 4.11
179,546
undetermined, kept in the upper bound
TKBB Guideline 4.2
Sabit kıymet satış geliri · Income from investing activities, note 4.11
119,784
not counted (proven)
TKBB Guideline 4.2
KAFİF declaration 12.0% (first half 2026) · Sağlama range 0.0% to 13.5% (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
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
2 entries
Each period's record and every correction are kept with their dates. Method
Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 13.48% · assets 47.50% · loans 1.95%.
MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.00% to 13.48% · assets 0.00% to 47.50% · loans 0.00% to 1.95%. 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
ENKAI financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 8fd8b8c1c785…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 12.0%, interest-bearing assets 42.3%, interest-bearing loans 1.4%. 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?
Yes
Do the company's articles of association grant a privilege that does not follow participation finance principles?
Yes
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 SLIPENKAI · 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
13.5%
Purification amount
TRY 161.76
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 0.00%); 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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