Polisan Holding (POLHO) 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-POLHO
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. The deductions the company declares on line 6J 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. (Loans from participation banks and lease certificates (sukuk) are deducted only when a note shows them separately; nothing was deducted in this measurement.) Notes that could not be used: Other payables: no note was found for this item (condensed interim report). Note 5 (Short-term borrowings): the current-period amounts of the note's lines could not be read automatically. Note 5 (Current portion of long-term borrowings): the current-period amounts of the note's lines could not be read automatically. Note 5 (Long-term borrowings): the current-period amounts of the note's lines could not be read automatically. 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 12.52%; both bounds give the same result.
KAFİF declaration 11.0% (first half 2026) · Sağlama range 0.0% to 12.5% (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 4: “Kasa” TRY 536: not counted (proven); “Bankalar / - Vadesiz mevduat” TRY 130,371,431: not counted (proven); “Bankalar / - Vadeli mevduat” TRY 145,202,300: counted in the ratio (proven); “Diğer nakit ve nakit benzerleri” TRY 1,768,711: undetermined, kept in the upper bound. The ratio is in the range 0.72% to 0.73%; both bounds give the same result.
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 17: “Kur farkı gelirleri” TRY 270,587,845: not counted (proven); “Vade farkı geliri” TRY 4,358,793: not counted (proven); “Hurda satış gelirleri” TRY 2,479,134: not counted (proven); “Teşvik gelirleri” TRY 1,785,555: not counted (proven); “Şüpheli ticari alacak karşılığı iptali” TRY 1,517,574: undetermined, kept in the upper bound; “Ertelenmiş finansman gelirleri” TRY 321,472: undetermined, kept in the upper bound; “Dava karşılık giderleri iptali” TRY 238,137: undetermined, kept in the upper bound; “Sigorta hasar tazminatı gelirleri” TRY 0: not counted (proven); and 1 more line. Note 19: “Kur farkı gelirleri” TRY 28,553,389: not counted (proven); “Faiz gelirleri” TRY 22,179,096: counted in the ratio (proven); “Diğer” TRY 302,278: undetermined, kept in the upper bound. Note 18: “İştirak (bağlı ortaklık) satış karı” TRY 309,961,937: undetermined, kept in the upper bound; “Yatırım faaliyetleri kur farkı gelirleri” TRY 38,012,679: not counted (proven); “Sabit kıymet satış karı” TRY 2,350,349: not counted (proven); “Alım satım amaçlı menkul kıymet satış karları” TRY 64,871: undetermined, kept in the upper bound; “Yatırım amaçlı gayrimenkuller satış karı” TRY 118,739: not counted (proven); “Diğer” TRY 15,053,571: undetermined, kept in the upper bound. The ratio is in the range 0.57% to 9.12%; the outcome depends on the company's declaration.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Kur farkı gelirleri · Other income from operating activities, note 17
270,587,845
not counted (proven)
TKBB Guideline 4.2
Vade farkı geliri · Other income from operating activities, note 17
4,358,793
not counted (proven)
TKBB Guideline 4.2
Hurda satış gelirleri · Other income from operating activities, note 17
2,479,134
not counted (proven)
TKBB Guideline 4.2
Teşvik gelirleri · Other income from operating activities, note 17
1,785,555
not counted (proven)
TKBB Guideline 4.2
Şüpheli ticari alacak karşılığı iptali · Other income from operating activities, note 17
1,517,574
undetermined, kept in the upper bound
Ertelenmiş finansman gelirleri · Other income from operating activities, note 17
321,472
undetermined, kept in the upper bound
TKBB Guideline 4.1
Dava karşılık giderleri iptali · Other income from operating activities, note 17
238,137
undetermined, kept in the upper bound
Sigorta hasar tazminatı gelirleri · Other income from operating activities, note 17
0
not counted (proven)
TKBB Guideline 4.2
Diğer · Other income from operating activities, note 17
2,667,450
undetermined, kept in the upper bound
TKBB Guideline 4.1
Kur farkı gelirleri · Finance income, note 19
28,553,389
not counted (proven)
TKBB Guideline 4.2
Faiz gelirleri · Finance income, note 19
22,179,096
counted in the ratio (proven)
TKBB Guideline 4.1
Diğer · Finance income, note 19
302,278
undetermined, kept in the upper bound
TKBB Guideline 4.1
İştirak (bağlı ortaklık) satış karı · Income from investing activities, note 18
309,961,937
undetermined, kept in the upper bound
TKBB Guideline 4.2
Yatırım faaliyetleri kur farkı gelirleri · Income from investing activities, note 18
38,012,679
not counted (proven)
TKBB Guideline 4.2
Sabit kıymet satış karı · Income from investing activities, note 18
2,350,349
not counted (proven)
TKBB Guideline 4.2
Alım satım amaçlı menkul kıymet satış karları · Income from investing activities, note 18
64,871
undetermined, kept in the upper bound
TKBB Guideline 4.1
Yatırım amaçlı gayrimenkuller satış karı · Income from investing activities, note 18
118,739
not counted (proven)
TKBB Guideline 4.2
Diğer · Income from investing activities, note 18
15,053,571
undetermined, kept in the upper bound
TKBB Guideline 4.1
KAFİF declaration 0.7% (first half 2026) · Sağlama range 0.6% to 9.1% (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
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). 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
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 15.83% · assets 3.33% · loans 11.93%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 15.83% · assets 3.33% · loans 11.93%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 14.55% · assets 2.77% · loans 11.93%.
Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 14.55% · assets 2.77% · loans 11.93%.
Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 9.12% · assets 0.73% · loans 12.52%.
MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.57% to 9.12% · assets 0.72% to 0.73% · loans 0.00% to 12.52%. 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
POLHO financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint c493a09c4aee… · fingerprint of the downloaded file e0a254cf2b45…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 measured range crosses the threshold: the proven amount is below the threshold and the cautious upper bound is above it. The outcome 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 0.7%, interest-bearing assets 0.7%, interest-bearing loans 11.0%. The three declared ratios are within the thresholds; the declaration settles the open range of the measurement. 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 SLIPPOLHO · 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
9.1%
Purification amount
TRY 109.44
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 0.57%); 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 POLHO 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.
Companies in the same index
The 12 companies just before and after this one in alphabetical order in BIST Participation 50.