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Sağlama record · BIST: GRSEL

Gür-Sel Turizm Taşımacılık

Gür-Sel Turizm Taşımacılık (GRSEL) 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 30, BIST Participation 30 Equal Weighted Return, BIST Participation 50, BIST Participation 100, BIST Participation Dividend and BIST Participation Sustainability indices.

Dated October 17, 2026No. SGL-2026-3A-GRSEL

The reading of all three ratios in the financial statements for Q1 2026 is not complete; the 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
2.9%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 485,893,858÷TRY 16,514,468,939 (total assets)× 100

RatioInterest-bearing loans / total assets

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 rests on the items read from the financial statements; the statements will be read again. Note 11: “Ödenecek Vergi, Harç ve Diğer Kesintiler” TRY 114,848,119: not counted (proven); “Kamuya Olan Vadesi Geçmiş Ert. veya Taksite Bağlanmış Yük.” TRY 2,249,534: undetermined, kept in the numerator; “Diğer Çeşitli Borçlar” TRY 617,040: undetermined, kept in the numerator. Note 8: “Uzun Vadeli Kredilerin Anapara Taksitleri ve Faizleri” TRY 382,225,384: counted in the ratio (proven). Notes that could not be used: Note 8 (Short-term borrowings): the note's amounts could not be matched to this item automatically. Note 8 (Long-term borrowings): the note's amounts could not be matched to this item automatically. On the items read, the measured range is 2.31% to 2.94%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ödenecek Vergi, Harç ve Diğer Kesintiler · Other payables, note 11114,848,119not counted (proven)TKBB Guideline 6.2
Kamuya Olan Vadesi Geçmiş Ert. veya Taksite Bağlanmış Yük. · Other payables, note 112,249,534undetermined, kept in the numerator
Diğer Çeşitli Borçlar · Other payables, note 11617,040undetermined, kept in the numeratorTKBB Guideline 4.1
Uzun Vadeli Kredilerin Anapara Taksitleri ve Faizleri · Current portion of long-term borrowings, note 8382,225,384counted in the ratio (proven)TKBB Guideline 6.1

KAFİF declaration 2.1% (first half 2026) · Sağlama measurement on the items read 2.3% to 2.9% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 2026

View the documentMethod

Interest-bearing assets

statements to be read again
4.0%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 662,243,219÷TRY 16,514,468,939 (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 7: “Hisse Senetleri” TRY 5,607,260: undetermined, kept in the numerator; “Para piyasası fonu” TRY 122,227,811: undetermined, kept in the numerator; “Adastec Corp.Company” TRY 173,355,685: undetermined, kept in the numerator. Note 6: “Kasa” TRY 310,563,599: not counted (proven); “Banka / - Vadesiz Mevduat” TRY 973,041,960: not counted (proven); “Banka / - Vadeli Mevduat” TRY 361,052,463: counted in the ratio (proven); “Banka / -Blokeli Mevduat” TRY 0: undetermined, kept in the numerator; “Kredi Kartı Slipleri” TRY 319,770,184: not counted (proven). On the items read, the measured range is 2.19% to 4.01%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Hisse Senetleri · Financial investments, note 75,607,260undetermined, kept in the numeratorTKBB Guideline 5.2
Para piyasası fonu · Financial investments, note 7122,227,811undetermined, kept in the numeratorTKBB Guideline 5.1
Adastec Corp.Company · Financial investments, note 7173,355,685undetermined, kept in the numerator
Kasa · Cash and cash equivalents, note 6310,563,599not counted (proven)TKBB Guideline 5.2
Banka / - Vadesiz Mevduat · Cash and cash equivalents, note 6973,041,960not counted (proven)TKBB Guideline 5.2
Banka / - Vadeli Mevduat · Cash and cash equivalents, note 6361,052,463counted in the ratio (proven)TKBB Guideline 5.1
Banka / -Blokeli Mevduat · Cash and cash equivalents, note 60undetermined, kept in the numeratorTKBB Guideline 5.1
Kredi Kartı Slipleri · Cash and cash equivalents, note 6319,770,184not counted (proven)TKBB Guideline 5.2

KAFİF declaration 1.8% (first half 2026) · Sağlama measurement on the items read 2.2% to 4.0% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 2026

View the documentMethod

Excluded income

statements to be read again
6.5%

On the items read: 2.0% to 6.5%

Calculation and source

Calculation: numerator ÷ denominatorTRY 230,555,667÷TRY 3,536,100,936 (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.

This range rests on the items read from the financial statements, and the statements will be read again.

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. The ratio rests on the items read from the financial statements; the statements will be read again. 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 31: “Cari Dönem Reeskont Geliri” TRY 106,847,989: undetermined, kept in the numerator; “Kur Farkı Gelirleri” TRY 26,993,080: not counted (proven); “Müşteri Aidiyetinin Sağlanması Geliri” TRY 37,659,056: undetermined, kept in the numerator; “Faiz Geliri” TRY 6,535,101: counted in the ratio (proven); “Diğer Gelirler ve Karlar” TRY 9,107,737: undetermined, kept in the numerator. Note 33: “Faiz Gelirleri” TRY 63,617,357: counted in the ratio (proven). Note 32: “Maddi ve Maddi Olmayan Duran Varlık Satış Karı” TRY 94,540,360: not counted (proven); “Yatırım Fonu Değer Artış Kazançları” TRY 6,788,427: undetermined, kept in the numerator. On the items read, the measured range is 1.98% to 6.52%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Cari Dönem Reeskont Geliri · Other income from operating activities, note 31106,847,989undetermined, kept in the numeratorTKBB Guideline 4.1
Kur Farkı Gelirleri · Other income from operating activities, note 3126,993,080not counted (proven)TKBB Guideline 4.2
Müşteri Aidiyetinin Sağlanması Geliri · Other income from operating activities, note 3137,659,056undetermined, kept in the numerator
Faiz Geliri · Other income from operating activities, note 316,535,101counted in the ratio (proven)TKBB Guideline 4.1
Diğer Gelirler ve Karlar · Other income from operating activities, note 319,107,737undetermined, kept in the numeratorTKBB Guideline 4.1
Faiz Gelirleri · Finance income, note 3363,617,357counted in the ratio (proven)TKBB Guideline 4.1
Maddi ve Maddi Olmayan Duran Varlık Satış Karı · Income from investing activities, note 3294,540,360not counted (proven)TKBB Guideline 4.2
Yatırım Fonu Değer Artış Kazançları · Income from investing activities, note 326,788,427undetermined, kept in the numeratorTKBB Guideline 4.2

KAFİF declaration 2.2% (first half 2026) · Sağlama measurement on the items read 2.0% to 6.5% (Q1 2026) · the statements will be read again · View the form on KAP

Source: company financial report, Q1 2026 statements · Mar 31, 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 30 · BIST Participation 30 Equal Weighted Return · BIST Participation 50 · BIST Participation 100 · BIST Participation Dividend · BIST Participation Sustainability
Latest official change

Added to the BIST Participation 30 index as of October 1, 2026, for the period from October 2026 to April 2027. Source: Borsa Istanbul announcement, Sep 29, 2026 · KAP disclosure 1669816

Added to the BIST Participation Sustainability index as of October 1, 2026, announced in a disclosure separate from the period announcement. The disclosure gives no reason. Source: KAP disclosure 1670560

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

Status history

4 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 9.96% · assets 13.72% · loans 3.64%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 6.52% · assets 4.01% · loans 2.94%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 6.52% · assets 4.01% · loans 2.94%.
  4. MeasurementTKBB rules, August 2025, version 3 · Q1 2026: statements to be read again. Income 1.98% to 6.52% · assets 2.19% to 4.01% · loans 2.31% to 2.94%. 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

  • GRSEL financial report, Mar 31, 2026 (company investor relations site)Mar 31, 2026 · Fingerprint 992528445454… · fingerprint of the downloaded file 33a779b99fe2…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 2.2%, interest-bearing assets 1.8%, interest-bearing loans 2.1%. 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 SLIPGRSEL · Q1 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
6.5%
Purification amount
TRY 78.24

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. The ratio rests on the items read; the statements will be read again, so the ratio and the amount may change. On the items read, the measured range is 1.98% to 6.52%; the purification amount is calculated with the 6.52% found from the items read.

  • 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 30.