Skip to content
Menu

Sağlama record · BIST: MGROS

Migros

Migros (MGROS) shares are not 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. In the company's KAFİF declaration for the first half of 2026, the excluded income ratio is 9.15%, against a threshold of 5%.

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

Based on the financial statements for the first half of 2026, all three ratios are within the TKBB thresholds. Business activity checks (Standard 1.2) are outside this measurement, and the company is not on the official list.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
2.3%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 5,729,917,000÷TRY 250,073,680,000 (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. Of the lease liabilities shown on the balance sheet, TRY 38,204,699 thousand are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 6). 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.) Notes that could not be used: Other payables: no note was found for this item (condensed interim report). Note 7 (Current portion of long-term borrowings): the columns of the note's table could not be read reliably. Note 7 (Long-term borrowings): an amount in the note is not a whole number. There is no usable evidence from the notes, so the proven amount was set to 0 and the lower bound is 0%. The ratio is in the range 0.00% to 2.29%; both bounds give the same result.

KAFİF declaration 0.3% (first half 2026) · Sağlama range 0.0% to 2.3% (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

Interest-bearing assets

within the threshold
14.8%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 37,067,227,000÷TRY 250,073,680,000 (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. Notes that could not be used: Financial investments (current and non-current): no note was found for this item (condensed interim report). Cash and cash equivalents: no note was found for this item (condensed interim report). There is no usable evidence from the notes, so the proven amount was set to 0 and the lower bound is 0%. The ratio is in the range 0.00% to 14.82%; both bounds give the same result.

KAFİF declaration 6.4% (first half 2026) · Sağlama range 0.0% to 14.8% (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

within the threshold
1.9%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 4,689,571,000÷TRY 246,165,330,000 (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 12: “Vadeli satış faiz geliri” TRY 1,882,656 thousand: undetermined, kept in the upper bound; “Diğer” TRY 221,986 thousand: undetermined, kept in the upper bound. Note 14: “Mevduat faiz geliri” TRY 2,584,929 thousand: counted in the ratio (proven); “Kur farkı geliri” TRY 86,047 thousand: not counted (proven). Note 13: “Maddi duran varlık satış karları” TRY 91,673 thousand: not counted (proven). The ratio is in the range 1.05% to 1.91%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Vadeli satış faiz geliri · Other income from operating activities, note 121,882,656undetermined, kept in the upper boundTKBB Guideline 4.1
Diğer · Other income from operating activities, note 12221,986undetermined, kept in the upper boundTKBB Guideline 4.1
Mevduat faiz geliri · Finance income, note 142,584,929counted in the ratio (proven)TKBB Guideline 4.1
Kur farkı geliri · Finance income, note 1486,047not counted (proven)TKBB Guideline 4.2
Maddi duran varlık satış karları · Income from investing activities, note 1391,673not counted (proven)TKBB Guideline 4.2

KAFİF declaration 9.2% (first half 2026) · Sağlama measurement 1.9% (first half 2026) · the declaration is above this measurement · 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
Not 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).

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 · full year 2024: all three ratios within the threshold. Income 3.31% · assets 17.29% · loans 15.79%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · full year 2024: all three ratios within the threshold. Income 3.04% · assets 13.03% · loans 14.30%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · full year 2024: all three ratios within the threshold. Income 3.04% · assets 13.03% · loans 14.30%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · full year 2024: all three ratios within the threshold. Income 3.04% · assets 13.03% · loans 3.60%.
  5. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: all three ratios within the threshold. Income 1.91% · assets 14.82% · loans 17.57%.
  6. MeasurementTKBB rules, August 2025, version 3 · first half 2026: all three ratios within the threshold. Income 1.05% to 1.91% · assets 0.00% to 14.82% · loans 0.00% to 2.29%.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

  • MGROS financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 0d349d5ce635… · fingerprint of the downloaded file a2f99ae23a13…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

Based on data as of this date, the three ratios we measure are within the TKBB thresholds.

The independent measurement is within the threshold, but the official index does not list this share. Business activity, the KAFİF declaration and differences in period also affect membership. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 9.2%, interest-bearing assets 6.4%, interest-bearing loans 0.3%. 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?
Yes
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?
Yes

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 SLIPMGROS · 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
1.9%
Purification amount
TRY 22.92

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 1.05%); 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 MGROS 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.

Other companies not on the list

The 12 companies just before and after this one in alphabetical order among the companies not on the BIST Participation All Shares list. All companies: Company list.