Skip to content
Menu

Sağlama record · BIST: FZLGY

Fuzul GYO

Fuzul GYO (FZLGY) 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. The shares are also in the BIST Participation 100 index.

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

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.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
11.2%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 1,331,476,172÷TRY 11,899,747,461 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. As a precaution, financial liabilities other than leases shown on separate lines outside the main debt total were added once, after they were confirmed against their section total. This is an assumption: it is not proven that these items carry interest. Because extra items are included, the ratio is an upper bound for the items shown in the financial statements. Note 7: “Alınan depozito ve teminatlar” TRY 2,170,384: undetermined, kept in the upper bound; “Ortaklara borçlar” TRY 790,000: undetermined, kept in the upper bound; “Diğer çeşitli borçlar” TRY 170,000: undetermined, kept in the upper bound. Note 5: “Banka kredileri” TRY 166,508,946: undetermined, kept in the upper bound; “Finansal kiralama işlemlerinden doğan borçlar” TRY 0: not counted (proven); “Ertelenmiş finansal kiralama borçları” TRY 0: not counted (proven). Notes that could not be used: Note 5 (Short-term borrowings): the note's amounts could not be matched to this item automatically. Note 5 (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 11.19%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Alınan depozito ve teminatlar · Other payables, note 72,170,384undetermined, kept in the upper boundTKBB Guideline 6.1
Ortaklara borçlar · Other payables, note 7790,000undetermined, kept in the upper boundTKBB Guideline 6.1
Diğer çeşitli borçlar · Other payables, note 7170,000undetermined, kept in the upper boundTKBB Guideline 4.1
Banka kredileri · Long-term borrowings, note 5166,508,946undetermined, kept in the upper boundTKBB Guideline 6.1
Finansal kiralama işlemlerinden doğan borçlar · Long-term borrowings, note 50not counted (proven)TKBB Guideline 6.2
Ertelenmiş finansal kiralama borçları · Long-term borrowings, note 50not counted (proven)TKBB Guideline 6.2

KAFİF declaration 0.0% (first half 2026) · Sağlama range 0.0% to 11.2% (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

Interest-bearing assets

within the threshold
1.2%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 141,619,450÷TRY 11,899,747,461 (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 3: “Kasa” TRY 5,894: not counted (proven); “Banka” TRY 43,020,959: undetermined, kept in the upper bound; “Yatırım fonları” TRY 95,086,655: undetermined, kept in the upper bound; “Pos hesapları” TRY 3,001,836: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 1.19%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kasa · Cash and cash equivalents, note 35,894not counted (proven)TKBB Guideline 5.2
Banka · Cash and cash equivalents, note 343,020,959undetermined, kept in the upper boundTKBB Guideline 5.1
Yatırım fonları · Cash and cash equivalents, note 395,086,655undetermined, kept in the upper boundTKBB Guideline 5.1
Pos hesapları · Cash and cash equivalents, note 33,001,836undetermined, kept in the upper bound

KAFİF declaration 0.0% (first half 2026) · Sağlama range 0.0% to 1.2% (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

Excluded income

depends on the declaration
at most10.7%

Proven lower bound 0.3% · cautious upper bound 10.7%

Calculation and source

Calculation: numerator ÷ denominatorTRY 337,042,248÷TRY 3,149,287,325 (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 25: “Adat gelirler/Müşterilerden elde edilen” TRY 8,699,383: counted in the ratio (proven); “Kambiyo karları/Müşterilerden elde edilen” TRY 2,767,138: not counted (proven); “Reeskont gelirleri” TRY 16,725,748: undetermined, kept in the upper bound; “Sgk prim indirim gelirleri” TRY 763,263: not counted (proven); “Kira gelirleri” TRY 0: not counted (proven); “Adat gelirleri” TRY 231,666: counted in the ratio (proven); “Kar payı geliri” TRY 0: undetermined, kept in the upper bound; “Elden Çıkarılan Bağlı Ortaklık Etkisi” TRY 262,523,344: undetermined, kept in the upper bound; and 1 more line. Note 27: “Fon satış gelirleri” TRY 0: undetermined, kept in the upper bound; “Nakit ve nakit benzerlerine ait kur karları” TRY 44,006,076: undetermined, kept in the upper bound; “Kambiyo karı” TRY 19,435: not counted (proven). Note 26: “Bağlı ortaklıklardan temettü gelirleri” TRY 911,843: undetermined, kept in the upper bound; “Duran varlık satış karları” TRY 208,333: not counted (proven). The ratio is in the range 0.28% to 10.70%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Adat gelirler/Müşterilerden elde edilen · Other income from operating activities, note 258,699,383counted in the ratio (proven)TKBB Guideline 4.1
Kambiyo karları/Müşterilerden elde edilen · Other income from operating activities, note 252,767,138not counted (proven)TKBB Guideline 4.2
Reeskont gelirleri · Other income from operating activities, note 2516,725,748undetermined, kept in the upper boundTKBB Guideline 4.1
Sgk prim indirim gelirleri · Other income from operating activities, note 25763,263not counted (proven)TKBB Guideline 4.2
Kira gelirleri · Other income from operating activities, note 250not counted (proven)TKBB Guideline 4.2
Adat gelirleri · Other income from operating activities, note 25231,666counted in the ratio (proven)TKBB Guideline 4.1
Kar payı geliri · Other income from operating activities, note 250undetermined, kept in the upper boundTKBB Guideline 4.1
Elden Çıkarılan Bağlı Ortaklık Etkisi · Other income from operating activities, note 25262,523,344undetermined, kept in the upper boundTKBB Guideline 4.2
Muhtelif gelirler · Other income from operating activities, note 253,944,188undetermined, kept in the upper bound
Fon satış gelirleri · Finance income, note 270undetermined, kept in the upper bound
Nakit ve nakit benzerlerine ait kur karları · Finance income, note 2744,006,076undetermined, kept in the upper bound
Kambiyo karı · Finance income, note 2719,435not counted (proven)TKBB Guideline 4.2
Bağlı ortaklıklardan temettü gelirleri · Income from investing activities, note 26911,843undetermined, kept in the upper boundTKBB Guideline 4.2
Duran varlık satış karları · Income from investing activities, note 26208,333not counted (proven)TKBB Guideline 4.2

KAFİF declaration 0.0% (first half 2026) · Sağlama proven lower bound 0.3% (first half 2026) · the declaration is below the proven lower bound, a question for the KAFİF Committee · 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
On the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
In these sub-indices
BIST Participation 100
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 · Q1 2026: all three ratios within the threshold. Income 3.08% · assets 2.87% · loans 13.07%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: all three ratios within the threshold. Income 2.88% · assets 2.87% · loans 13.07%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: all three ratios within the threshold. Income 2.88% · assets 2.87% · loans 13.07%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 10.70% · assets 1.19% · loans 11.19%.
  5. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.28% to 10.70% · assets 0.00% to 1.19% · loans 0.00% to 11.19%. 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

  • FZLGY financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint b2ab325f4a32…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 measured range crosses the threshold: the proven amount is below the threshold and the cautious upper bound is above it. The outcome depends on the company's KAFİF declaration, so this record does not count as a divergence. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 0.0%, interest-bearing assets 0.0%, interest-bearing loans 0.0%. The three declared ratios are within the thresholds; the declaration settles the open range of the measurement. 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 SLIPFZLGY · 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
10.7%
Purification amount
TRY 128.40

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 0.28%); 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.

Get an alert if it changes

Your address is kept so that we can tell you when the status of FZLGY changes. Alerts start when the sending service goes live. At most one or two e-mails a month. You can unsubscribe with one click.

Your address is used only for these alerts.

Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation 100.