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Sağlama record · BIST: LKMNH

Lokman Hekim Sağlık

Lokman Hekim Sağlık (LKMNH) 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 Dividend index.

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

Based on the financial statements for the first half of 2026, the excluded income ratio is above the threshold on proven items alone (at least 5.4%, threshold 5%). Whether it stays within the tolerance band (5.5%) depends on the company's declaration.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
22.5%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 1,613,378,969÷TRY 7,173,036,122 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. 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 line “Kısa vadeli diğer finansmanlar*” (TRY 918,836,900) is a lease certificate (sukuk) according to its footnote, so it was deducted from the debt numerator under TKBB Guideline 6.2 (source: Note 6). Of the lease liabilities shown on the balance sheet, TRY 170,139,344 are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 5). The ratio is therefore an upper bound for the items shown in the financial statements. Note 9: “Diğer çeşitli borçlar” TRY 4,015,875: undetermined, kept in the upper bound. Note 6: “Kısa vadeli diğer finansmanlar*” TRY 918,836,900: not counted (proven). Notes that could not be used: Note 5 (Current portion of long-term borrowings): the note's amounts could not be matched to this item automatically. Note 5 (Long-term borrowings): the note's amounts could not be matched to this item automatically. The ratio is in the range 0.00% to 22.49%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Diğer çeşitli borçlar · Other payables, note 94,015,875undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 6.8% (first half 2026) · Sağlama range 0.0% to 22.5% (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

View the documentMethod

Interest-bearing assets

within the threshold
0.8%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 54,775,000÷TRY 7,173,036,122 (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. 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. Note 7: “Kısa vadeli finansal yatırımlar” TRY 5,000,000: undetermined, kept in the upper bound. Notes that could not be used: Note 4 (Cash and cash equivalents): a subtotal in the note could not be matched to the lines read automatically. The ratio is in the range 0.00% to 0.76%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kısa vadeli finansal yatırımlar · Financial investments, note 75,000,000undetermined, kept in the upper bound

KAFİF declaration 0.1% (first half 2026) · Sağlama range 0.0% to 0.8% (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 most9.5%

Proven lower bound 5.4% · cautious upper bound 9.5%

Calculation and source

Calculation: numerator ÷ denominatorTRY 278,637,461÷TRY 2,932,310,367 (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 proven lower bound is already above the threshold. The tolerance band falls inside the range, so whether the ratio stays within the band 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 24: “Reeskont gelirleri” TRY 78,044,683: undetermined, kept in the upper bound; “Adat gelirleri” TRY 157,132,036: counted in the ratio (proven); “Konusu kalmayan karşılıklar” TRY 858,238: not counted (proven); “Duran varlık satış kârları” TRY 39,492: not counted (proven); “Diğer gelirler” TRY 35,431,136: undetermined, kept in the upper bound. Note 27: “Kambiyo kârı” TRY 1,485,709: not counted (proven); “Katılım (kar) payı gelirleri” TRY 4,053,314: undetermined, kept in the upper bound. Note 26: “Kira gelirleri” TRY 1,208,110: not counted (proven); “Menkul kıymet satış gelirleri” TRY 3,976,292: undetermined, kept in the upper bound. The ratio is certainly above the threshold; whether it stays within the tolerance band (up to 5.5%) depends on the company's declaration. The ratio is in the range 5.36% to 9.50%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Reeskont gelirleri · Other income from operating activities, note 2478,044,683undetermined, kept in the upper boundTKBB Guideline 4.1
Adat gelirleri · Other income from operating activities, note 24157,132,036counted in the ratio (proven)TKBB Guideline 4.1
Konusu kalmayan karşılıklar · Other income from operating activities, note 24858,238not counted (proven)TKBB Guideline 4.2
Duran varlık satış kârları · Other income from operating activities, note 2439,492not counted (proven)TKBB Guideline 4.2
Diğer gelirler · Other income from operating activities, note 2435,431,136undetermined, kept in the upper boundTKBB Guideline 4.1
Kambiyo kârı · Finance income, note 271,485,709not counted (proven)TKBB Guideline 4.2
Katılım (kar) payı gelirleri · Finance income, note 274,053,314undetermined, kept in the upper bound
Kira gelirleri · Income from investing activities, note 261,208,110not counted (proven)TKBB Guideline 4.2
Menkul kıymet satış gelirleri · Income from investing activities, note 263,976,292undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 5.4% (first half 2026) · Sağlama range 5.4% to 9.5% (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

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 Dividend
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

6 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 10.47% · assets 6.11% · loans 0.02%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 10.30% · assets 6.11% · loans 0.02%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 10.30% · assets 6.11% · loans 0.02%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 9.50% · assets 0.76% · loans 2.43%.
  5. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 5.36% to 9.50% · assets 0.00% to 0.76% · loans 0.00% to 22.49%. The ratio is certainly above the threshold; whether it stays within the tolerance band depends on the company's declaration.
  6. MeasurementCorrection note. Bank loans and lease certificates (sukuk) (TRY 2,528,199,994 in total) were missing from the debt numerator. Under note 6, TRY 918,836,900 of this is the company's own lease certificates (sukuk) with accrued profit share, which TKBB Guideline 6.2 takes out of the debt numerator. In the same release, the lease liabilities on the balance sheet (TRY 170,139,344) were also deducted under TKBB Guideline 6.2 (rules version 3). The upper bound of the ratio is 22.49%, not 2.43%. Below the threshold (33%); the result does not change.THIS RECORD

Corrections log

  • Note added · closed

    Bank loans and lease certificates (sukuk) (TRY 2,528,199,994 in total) were missing from the debt numerator. Under note 6, TRY 918,836,900 of this is the company's own lease certificates (sukuk) with accrued profit share, which TKBB Guideline 6.2 takes out of the debt numerator. In the same release, the lease liabilities on the balance sheet (TRY 170,139,344) were also deducted under TKBB Guideline 6.2 (rules version 3). The upper bound of the ratio is 22.49%, not 2.43%. Below the threshold (33%); the result does not change.

    In Turkish, as published.30.06.2026 konsolide finansal durum tablosu (sayfa 5) borçlanmaları «Kısa/Uzun vadeli borçlanmalar» başlığı olmadan ayrı satırlarda gösterir: «Banka kredileri» (kısa vadeli 148.600.000 TL, uzun vadeli 553.852.434 TL), «Uzun vadeli kredilerin kısa vadeli kısımları» (906.910.660 TL) ve «İhraç Edilmiş Borçlanma Araçları» (918.836.900 TL). Önceki okuma aracı bu satırları borç dışı kalem saymıştı. Tutarlar dipnot 5 ve 6 ile aynıdır (sayfa 28 ve 29). Kısa ve uzun vadeli bölümlerin ana satırları bu satırlarla birlikte bölüm toplamlarına (3.291.987.817 TL ve 858.882.901 TL) birebir eşittir; satırlar başka bir kalemin alt satırı değildir. Dipnot 6 (sayfa 29), «İhraç Edilmiş Borçlanma Araçları» satırının tamamının şirketin ihraç ettiği kira sertifikası (sukuk) ve kıst kâr payı gideri olduğunu yazar; Rehber 6.2 kira sertifikalarını uygun borçlar arasında sayar ve bu tutar borç payından düşülür. Dipnot 5 krediyi veren bankaları adlandırmadığı için banka kredileri üst sınırda kalır. Yenilenen okuma aracıyla 2.702.355.213 TL'lik paydan kira sertifikaları (918.836.900 TL) ve kural seti sürüm 3 ile bilançodaki kiralama yükümlülükleri (finansal kiralama 15.144.443 TL ve 73.066.095 TL, kiralama 38.127.337 TL ve 43.801.469 TL; toplam 170.139.344 TL) düşülünce pay 1.613.378.969 TL olur; toplam varlıklar 7.173.036.122 TL ile oran ≈ %22,49 ve eşik altındadır. Şirketin aynı döneme ait KAFİF beyanı borç oranını %6,78 bildirir; beyandaki kira sertifikası tutarı (918.836.900 TL) dipnot 6 ile aynıdır.

    Closing note: The corrected measurement was published in the same release as this note. The upper bound of the debt ratio was updated from 2.43% to 22.49%; it is below the threshold (33%), and the result did not change.

    Evidence: Lokman-Hekim-30.06.2026-BDR.pdf · PDF p. 5, 28, 29 · Fingerprint bc6e961aba61…

Documents and sources

Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method

  • LKMNH financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint bc6e961aba61…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 proven lower bound is already above the threshold, but the tolerance band falls inside the measured range. Whether the ratio stays within the band 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 5.4%, interest-bearing assets 0.1%, interest-bearing loans 6.8%. The company's own declaration puts at least one ratio above the threshold, but within the tolerance band. The rules allow a wait of one period; if the previous review also found a ratio above the threshold, the member leaves. View the form on KAP Review forecast

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 SLIPLKMNH · 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
9.5%
Purification amount
TRY 114.00

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 5.36%); 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 All Shares.