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Sağlama record · BIST: OTKAR

Otokar

Otokar (OTKAR) 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 interest-bearing loans ratio is 61.58%, against a threshold of 33%.

Dated October 17, 2026No. SGL-2024-6A-OTKAR

Based on the financial statements for the first half of 2024, the interest-bearing loans ratio is above the threshold.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

above the threshold
52.8%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 19,899,607,000÷TRY 37,725,795,000 (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. 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 is therefore an upper bound for the items shown in the financial statements. Borrowing breakdown in the notes: bank loans and bonds issued total TRY 19,662,611 thousand. This amount is proven and counts in the ratio (TKBB Guideline 6.1), so it is the lower bound. The ratio is in the range 52.12% to 52.75%; both bounds give the same result.

KAFİF declaration 61.6% (first half 2026) · Sağlama upper bound 52.8% (first half 2024) · the company declares a higher ratio; the periods differ · View the form on KAP

Source: company financial report, first half 2024 statements · Jun 30, 2024

View the documentMethod

Interest-bearing assets

within the threshold
5.7%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 2,146,571,000÷TRY 37,725,795,000 (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. 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. Cash breakdown in the notes: time deposits, accrued interest and interest-bearing securities total TRY 2,011,738 thousand. This amount is proven and counts in the ratio (TKBB Guideline 5.1), so it is the lower bound. The ratio is in the range 5.33% to 5.69%; both bounds give the same result.

KAFİF declaration 5.7% (first half 2026) · Sağlama range 5.3% to 5.7% (first half 2024) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2024 statements · Jun 30, 2024

View the documentMethod

Excluded income

within the threshold
4.4%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 669,658,000÷TRY 15,324,008,000 (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. In Turkish, as published.4B = 0 (faaliyet-bazlı mahzurlu gelir beyanı yok; şirketin kendi FY2025 KAFİF B tablosu da 0 (emsal)). There is no 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 4.37%; both bounds give the same result.

KAFİF declaration 4.4% (first half 2026) · Sağlama measurement 4.4% (first half 2024) · the declaration is above this measurement; the periods differ · View the form on KAP

Source: company financial report, first half 2024 statements · Jun 30, 2024

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

5 entries

Each period's record and every correction are kept with their dates. Method

  1. Added to the indexOn the lists of shares to be added to BIST Participation All Shares (#26), Participation 100 (#29) and Participation Sustainability (#3), and a reserve share for Participation 50 (#2) (change list for the period from July 1, 2024 to November 30, 2024; the periods then started in July and December, and the selection criterion used average market value as its denominator).
  2. Removed from the indexOn the lists of shares to be removed from BIST Participation All Shares (#49), Participation 100 (#24) and Participation Sustainability (#4) (period from December 1, 2024 to April 30, 2025). The data come from the statements dated June 30, 2024. On August 29, 2024, the denominator had changed back to total assets (announcement 23384). With the same company and the same debt, the result changed when the denominator changed.
  3. Earlier measurementTKBB rules, August 2025, version 1 · first half 2024: at least one ratio above the threshold. Income 4.37% · assets 5.69% · loans 52.75%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2024: at least one ratio above the threshold. Income 4.37% · assets 5.69% · loans 52.75%.
  5. MeasurementTKBB rules, August 2025, version 3 · first half 2024: at least one ratio above the threshold. Income 0.00% to 4.37% · assets 5.33% to 5.69% · loans 52.12% to 52.75%.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

  • Otokar 30.06.2024 ara dönem özet konsolide finansal tablolar (company investor relations site)Jun 30, 2024 · Fingerprint eb4eea5746b0…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 4.4%, interest-bearing assets 5.7%, interest-bearing loans 61.6%. 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?
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 SLIPOTKAR · first half 2024
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
4.4%
Purification amount
TRY 52.44

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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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.