Graintürk Holding (GRTHO) 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 9.82%, against a threshold of 5%.
Dated October 17, 2026No. SGL-2026-6A-GRTHO
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.
Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. Of the lease liabilities shown on the balance sheet, TRY 311,860 are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 5). Deductions on line 6J of the company's KAFİF declaration are taken only when the financial statements or notes confirm them. 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; none of them was deducted in this measurement.) Note 10: “Diğer Borçlar” TRY 16,366,657: undetermined, kept in the upper bound. Note 8: “Uzun Vadeli Kredi Borçlarının Kısa Vadeli Kısımları” TRY 66,200,256: undetermined, kept in the upper bound. Note 8: “Uzun Vadeli Kredi Borçları” TRY 112,916,835: undetermined, kept in the upper bound. Notes that could not be used: Note 8 (Short-term borrowings): the note's amounts could not be matched to this item automatically. The ratio is in the range 0.00% to 6.47%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Diğer Borçlar · Other payables, note 10
16,366,657
undetermined, kept in the upper bound
TKBB Guideline 4.1
Uzun Vadeli Kredi Borçlarının Kısa Vadeli Kısımları · Current portion of long-term borrowings, note 8
66,200,256
undetermined, kept in the upper bound
TKBB Guideline 6.1
Uzun Vadeli Kredi Borçları · Long-term borrowings, note 8
112,916,835
undetermined, kept in the upper bound
TKBB Guideline 6.1
KAFİF declaration 3.6% (first half 2026) · Sağlama range 0.0% to 6.5% (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: “Hisse senetleri ve fonlar / Gerçeğe Uygun Değer Farkı Kar veya Zarara” TRY 1,763,605,174: undetermined, kept in the upper bound. Note 5: “Kasa” TRY 1,680,680: not counted (proven); “Bankalar / Vadesiz Mevduat” TRY 71,122,987: not counted (proven). The ratio is in the range 0.00% to 28.33%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Hisse senetleri ve fonlar / Gerçeğe Uygun Değer Farkı Kar veya Zarara · Financial investments, note 6
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 23: “Reeskont Faiz Gelirleri*” TRY 24,026,841: undetermined, kept in the upper bound; “Komisyon Gelirleri” TRY 253,744: undetermined, kept in the upper bound; “Konusu Kalmayan Karşılıklar” TRY 232,369: not counted (proven); “Sigorta tazminat gelirleri” TRY 10,455: not counted (proven); “Teşvik Gelirleri” TRY 40,264: not counted (proven); “Vade farkı gelirleri” TRY 0: not counted (proven); “Ticari faaliyetlerden kaynaklanan kur farkları” TRY 0: not counted (proven); “Diğer Gelir Ve Karlar” TRY 34,451,078: undetermined, kept in the upper bound. Note 25: “Finansman Faaliyetlerine İlişkin Faiz Geliri” TRY 25,568,071: counted in the ratio (proven); “Finansman Faaliyetlerine İlişkin Kur Farkı Geliri” TRY 8,888,095: not counted (proven). Note 24: “Menkul Kıymet Satış ve Değer Artış Karları” TRY 406,104,578: undetermined, kept in the upper bound; “Yatırım Faaliyetlerinden Kaynaklanan Faiz Gelirleri” TRY 64,117,958: counted in the ratio (proven); “Yatırım Faaliyetlerinden Kaynaklanan Kur Farkları” TRY 27,172: not counted (proven); “Gerçeğe Uygun Değer Artış Kazançları*” TRY 0: undetermined, kept in the upper bound. The ratio is in the range 1.59% to 21.67%; the outcome depends on the company's declaration.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Reeskont Faiz Gelirleri* · Other income from operating activities, note 23
24,026,841
undetermined, kept in the upper bound
Komisyon Gelirleri · Other income from operating activities, note 23
253,744
undetermined, kept in the upper bound
Konusu Kalmayan Karşılıklar · Other income from operating activities, note 23
232,369
not counted (proven)
TKBB Guideline 4.2
Sigorta tazminat gelirleri · Other income from operating activities, note 23
10,455
not counted (proven)
TKBB Guideline 4.2
Teşvik Gelirleri · Other income from operating activities, note 23
40,264
not counted (proven)
TKBB Guideline 4.2
Vade farkı gelirleri · Other income from operating activities, note 23
0
not counted (proven)
TKBB Guideline 4.2
Ticari faaliyetlerden kaynaklanan kur farkları · Other income from operating activities, note 23
0
not counted (proven)
TKBB Guideline 4.2
Diğer Gelir Ve Karlar · Other income from operating activities, note 23
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
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 22.80% · assets 30.32% · loans 7.83%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 22.68% · assets 30.18% · loans 7.83%.
Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 22.68% · assets 30.18% · loans 7.83%.
Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 21.67% · assets 28.33% · loans 6.47%.
Removed from the indexRemoved from the BIST Participation All Shares, BIST Participation 50 and BIST Participation 100 indices for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 1.59% to 21.67% · assets 0.00% to 28.33% · loans 0.00% to 6.47%. 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
GRTHO financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 3191053fbe82…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 9.8%, interest-bearing assets 13.7%, interest-bearing loans 3.6%. 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?
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 SLIPGRTHO · 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
21.7%
Purification amount
TRY 260.04
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 1.59%); 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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