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Sağlama record · BIST: KARSN

Karsan Otomotiv

Karsan Otomotiv (KARSN) 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 50, BIST Participation 100 and BIST Participation Sustainability indices.

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

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
41.9%

On the items read: 0.0% to 41.9%

Calculation and source

Calculation: numerator ÷ denominatorTRY 9,398,098,000÷TRY 22,420,072,000 (total assets)× 100

RatioInterest-bearing loans / total assets

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

Of the lease liabilities shown on the balance sheet, TRY 47,895 thousand 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 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; none of them was deducted in this measurement.) Notes that could not be used: Note 12 (Short-term borrowings): the note's amounts could not be matched to this item automatically. Note 12 (Current portion of long-term borrowings): the note's amounts could not be matched to this item automatically. Note 12 (Long-term borrowings): the note's amounts could not be matched to this item automatically. There is no usable evidence from the notes, so the proven amount was set to 0. On the items read, the measured range is 0.00% to 41.92%.

KAFİF declaration 28.3% (first half 2026) · Sağlama measurement on the items read 0.0% to 41.9% (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
1.2%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 259,108,000÷TRY 22,420,072,000 (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: “Banka / - Vadeli mevduatlar” TRY 8,700 thousand: counted in the ratio (proven); “Banka / - Vadesiz mevduatlar” TRY 353,728 thousand: not counted (proven); “Alınan çekler” TRY 0 thousand: not counted (proven); “Diğer nakit ve nakit benzerleri” TRY 136,637 thousand: undetermined, kept in the numerator. On the items read, the measured range is 0.04% to 1.16%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Banka / - Vadeli mevduatlar · Cash and cash equivalents, note 48,700counted in the ratio (proven)TKBB Guideline 5.1
Banka / - Vadesiz mevduatlar · Cash and cash equivalents, note 4353,728not counted (proven)TKBB Guideline 5.2
Alınan çekler · Cash and cash equivalents, note 40not counted (proven)TKBB Guideline 5.2
Diğer nakit ve nakit benzerleri · Cash and cash equivalents, note 4136,637undetermined, kept in the numeratorTKBB Guideline 4.1

KAFİF declaration 1.0% (first half 2026) · Sağlama measurement on the items read 0.0% to 1.2% (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

within the threshold
1.3%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 137,106,000÷TRY 10,520,758,000 (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.

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: “Faaliyetlerden kaynaklanan kur farkı geliri” TRY 267,305 thousand: not counted (proven); “Konusu kalmayan karşılıklar” TRY 16,282 thousand: not counted (proven); “Konusu kalmayan şüpheli alacak karşılığı” TRY 0 thousand: not counted (proven); “Diğer” TRY 47,896 thousand: undetermined, kept in the upper bound. Notes that could not be used: Income from investing activities: no note was found for this item (condensed interim report). The ratio is in the range 0.00% to 1.30%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Faaliyetlerden kaynaklanan kur farkı geliri · Other income from operating activities, note 15267,305not counted (proven)TKBB Guideline 4.2
Konusu kalmayan karşılıklar · Other income from operating activities, note 1516,282not counted (proven)TKBB Guideline 4.2
Konusu kalmayan şüpheli alacak karşılığı · Other income from operating activities, note 150not counted (proven)TKBB Guideline 4.2
Diğer · Other income from operating activities, note 1547,896undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 0.9% (first half 2026) · Sağlama range 0.0% to 1.3% (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
On the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
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: at least one ratio above the threshold. Income 3.24% · assets 5.01% · loans 39.75%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 1.40% · assets 2.33% · loans 39.75%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 1.40% · assets 2.33% · loans 39.75%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 1.30% · assets 1.16% · loans 42.13%.
  5. MeasurementTKBB rules, August 2025, version 3 · first half 2026: statements to be read again. Income 0.00% to 1.30% · assets 0.04% to 1.16% · loans 0.00% to 41.92%. 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

  • KARSN financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 29b58270c4ce… · fingerprint of the downloaded file bf4cba8f1c91…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 0.9%, interest-bearing assets 1.0%, interest-bearing loans 28.3%. 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 SLIPKARSN · 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
1.3%
Purification amount
TRY 15.60

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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Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation 50.