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Sağlama record · BIST: RALYH

Ral Yatırım Holding

Ral Yatırım Holding (RALYH) shares were removed from Borsa Istanbul's participation index list (BIST Participation All Shares) as of October 1, 2026 (Borsa Istanbul announcement, Sep 29, 2026). Borsa Istanbul does not state the reason for a removal in its announcement. In the company's KAFİF declaration for the first half of 2026, the excluded income ratio is 14.69%, against a threshold of 5%.

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

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.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

near the threshold
32.1%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 5,682,362,096÷TRY 17,694,888,179 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. TRY 10,185,145 that is proven not to count was deducted from the debt numerator (source: Note 8). As a precaution, financial liabilities other than leases shown on separate lines outside the main debt total were added once, after they were confirmed against their section total. This is an assumption: it is not proven that these items carry interest. Because extra items are included, the ratio is an upper bound for the items shown in the financial statements. Note 11: “Ortaklara Borçlar” TRY 1,404,846,291: undetermined, kept in the upper bound; “İştiraklere Borçlar” TRY 259,891,016: undetermined, kept in the upper bound; “Alınan Depozito ve Teminatlar” TRY 74,956,421: undetermined, kept in the upper bound; “Diğer Borçlar / Diğer Taraflar” TRY 434,277: undetermined, kept in the upper bound. Note 8: “Kısa Vadeli Kredi Borçları” TRY 18,368,997: undetermined, kept in the upper bound. Note 8: “Uzun Vadeli Kredi Borçlarının Kısa Vadeli Kısımları” TRY 1,732,997,581: undetermined, kept in the upper bound; “Finansal Kiralama İşlemlerinden Doğan Borçlar” TRY 10,638,436: not counted (proven); “Ertelenmiş Finansal Kiralama Borçları(-)” TRY -453,291: not counted (proven); “İhraç edilmiş Borçlanma Araçlarından Borçlar” TRY 0: counted in the ratio (proven). Note 8: “Uzun Vadeli Kredi Borçları” TRY 1,643,873,042: undetermined, kept in the upper bound; “Finansal Kiralama İşlemlerinden Doğan Borçlar” TRY 0: not counted (proven); “Ertelenmiş Finansal Kiralama Borçları(-)” TRY 0: not counted (proven). The ratio is in the range 0.00% to 32.11%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ortaklara Borçlar · Other payables, note 111,404,846,291undetermined, kept in the upper boundTKBB Guideline 6.1
İştiraklere Borçlar · Other payables, note 11259,891,016undetermined, kept in the upper bound
Alınan Depozito ve Teminatlar · Other payables, note 1174,956,421undetermined, kept in the upper boundTKBB Guideline 6.1
Diğer Borçlar / Diğer Taraflar · Other payables, note 11434,277undetermined, kept in the upper boundTKBB Guideline 4.1
Kısa Vadeli Kredi Borçları · Short-term borrowings, note 818,368,997undetermined, kept in the upper boundTKBB Guideline 6.1
Uzun Vadeli Kredi Borçlarının Kısa Vadeli Kısımları · Current portion of long-term borrowings, note 81,732,997,581undetermined, kept in the upper boundTKBB Guideline 6.1
Finansal Kiralama İşlemlerinden Doğan Borçlar · Current portion of long-term borrowings, note 810,638,436not counted (proven)TKBB Guideline 6.2
Ertelenmiş Finansal Kiralama Borçları(-) · Current portion of long-term borrowings, note 8-453,291not counted (proven)TKBB Guideline 6.2
İhraç edilmiş Borçlanma Araçlarından Borçlar · Current portion of long-term borrowings, note 80counted in the ratio (proven)TKBB Guideline 6.1
Uzun Vadeli Kredi Borçları · Long-term borrowings, note 81,643,873,042undetermined, kept in the upper boundTKBB Guideline 6.1
Finansal Kiralama İşlemlerinden Doğan Borçlar · Long-term borrowings, note 80not counted (proven)TKBB Guideline 6.2
Ertelenmiş Finansal Kiralama Borçları(-) · Long-term borrowings, note 80not counted (proven)TKBB Guideline 6.2

KAFİF declaration 16.9% (first half 2026) · Sağlama range 0.0% to 32.1% (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

View the documentMethod

Interest-bearing assets

within the threshold
3.6%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 641,401,053÷TRY 17,694,888,179 (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. Note 7: “Hisse Senetleri / Grainturk Holding A.Ş. (GRTHO)” TRY 5,250: undetermined, kept in the upper bound; “Finansal Yatırımlar / Tera Portföy TLY Yatırım Fonu” TRY 158,629,305: undetermined, kept in the upper bound; “Finansal Yatırımlar / Deniz Portföy Onüçüncü Serbest Fon -Döviz-Avro)” TRY 2,156,941: undetermined, kept in the upper bound; “Finansal Yatırımlar / Pandus Portföy Yönetim A.Ş. Beşinci Hisse Senedi Serbest Fon” TRY 98,423,237: undetermined, kept in the upper bound; “Finansal Yatırımlar / İş Yatırım Fonı” TRY 0: undetermined, kept in the upper bound; “Finansal Yatırımlar / Ziraat Yatırım Menkul Değerler” TRY 0: undetermined, kept in the upper bound; “Finansal Yatırımlar / Ziraat Portföy Halkbank Para Piyasası” TRY 3,257: undetermined, kept in the upper bound; “Finansal Yatırımlar / Gedik Yatırım” TRY 0: undetermined, kept in the upper bound; and 5 more lines. Note 6: “Kasa / Kasa -TL” TRY 611,910: not counted (proven); “Bankalar / Vadesiz Mevduat - TL” TRY 18,111,983: not counted (proven); “Bankalar / Vadeli Mevduat - TL” TRY 6,443,941: counted in the ratio (proven); “Bankalar / Vadesiz Mevduat - Yabancı Para ve Altın” TRY 0: not counted (proven); “Diğer Hazır Değerler” TRY 37,250: undetermined, kept in the upper bound. The ratio is in the range 0.04% to 3.62%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Hisse Senetleri / Grainturk Holding A.Ş. (GRTHO) · Financial investments, note 75,250undetermined, kept in the upper boundTKBB Guideline 5.2
Finansal Yatırımlar / Tera Portföy TLY Yatırım Fonu · Financial investments, note 7158,629,305undetermined, kept in the upper boundTKBB Guideline 5.1
Finansal Yatırımlar / Deniz Portföy Onüçüncü Serbest Fon -Döviz-Avro) · Financial investments, note 72,156,941undetermined, kept in the upper boundTKBB Guideline 5.1
Finansal Yatırımlar / Pandus Portföy Yönetim A.Ş. Beşinci Hisse Senedi Serbest Fon · Financial investments, note 798,423,237undetermined, kept in the upper boundTKBB Guideline 5.2
Finansal Yatırımlar / İş Yatırım Fonı · Financial investments, note 70undetermined, kept in the upper bound
Finansal Yatırımlar / Ziraat Yatırım Menkul Değerler · Financial investments, note 70undetermined, kept in the upper bound
Finansal Yatırımlar / Ziraat Portföy Halkbank Para Piyasası · Financial investments, note 73,257undetermined, kept in the upper bound
Finansal Yatırımlar / Gedik Yatırım · Financial investments, note 70undetermined, kept in the upper bound
Finansal Yatırımlar / Halk Yatırım · Financial investments, note 71,051undetermined, kept in the upper bound
İştirakler · Financial investments, note 712,832,182undetermined, kept in the upper boundTKBB Guideline 5.2
Anadolu Mikronize Kimya Sanayi ve Ticaret A.Ş.* · Financial investments, note 7351,913,703undetermined, kept in the upper bound
MÇ Müt. Yapı İnş. A.Ş.-Mustafa Ekşi İnş.Ltd.Şti.Adi Ort. · Financial investments, note 77,301undetermined, kept in the upper bound
Mustafa Ekşi İnş.Tic.Ltd.Şti.-MÇ Müt. Yapı İnş. A.Ş.Adi Ort. · Financial investments, note 72,708undetermined, kept in the upper bound
Kasa / Kasa -TL · Cash and cash equivalents, note 6611,910not counted (proven)TKBB Guideline 5.2
Bankalar / Vadesiz Mevduat - TL · Cash and cash equivalents, note 618,111,983not counted (proven)TKBB Guideline 5.2
Bankalar / Vadeli Mevduat - TL · Cash and cash equivalents, note 66,443,941counted in the ratio (proven)TKBB Guideline 5.1
Bankalar / Vadesiz Mevduat - Yabancı Para ve Altın · Cash and cash equivalents, note 60not counted (proven)TKBB Guideline 5.2
Diğer Hazır Değerler · Cash and cash equivalents, note 637,250undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 1.6% (first half 2026) · Sağlama range 0.0% to 3.6% (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 most11.9%

Proven lower bound 0.1% · cautious upper bound 11.9%

Calculation and source

Calculation: numerator ÷ denominatorTRY 616,369,498÷TRY 5,183,024,302 (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 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 28: “Konusu Kalmayan Karşılıklar” TRY 17,784,442: not counted (proven); “Reeskont Faiz Gelirleri” TRY 22,803,865: undetermined, kept in the upper bound; “Önceki Dönem Gelir ve Karları” TRY 250,000: undetermined, kept in the upper bound; “Kur Farkı Gelirleri(Ticari)” TRY 87,584,613: not counted (proven); “Diğer Gelir Ve Karlar” TRY 4,449,917: undetermined, kept in the upper bound; “Kira Gelirleri” TRY 0: not counted (proven); “Yatırım Amaçlı Gayrimenkuller Değer Artış Kazançları” TRY 0: not counted (proven). Note 30: “Faiz Gelirleri” TRY 6,774,098: counted in the ratio (proven); “Kambiyo Karları” TRY 23,446,368: not counted (proven). Note 29: “Kur Farkı Gelirleri” TRY 141,925,908: not counted (proven); “Kira Gelirleri” TRY 2,148,775: not counted (proven); “Duran Varlık Satış Karı” TRY 5,249,833: not counted (proven); “Hisse Satışlarından Kaynaklı Kar” TRY 581,733,058: undetermined, kept in the upper bound; “Finansal Varlık Değer Artışı*” TRY 0: undetermined, kept in the upper bound; “Yatırım Amaçlı Gayrimenkul Değerleme Farkları*” TRY 0: not counted (proven). The ratio is in the range 0.13% to 11.89%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Konusu Kalmayan Karşılıklar · Other income from operating activities, note 2817,784,442not counted (proven)TKBB Guideline 4.2
Reeskont Faiz Gelirleri · Other income from operating activities, note 2822,803,865undetermined, kept in the upper bound
Önceki Dönem Gelir ve Karları · Other income from operating activities, note 28250,000undetermined, kept in the upper bound
Kur Farkı Gelirleri(Ticari) · Other income from operating activities, note 2887,584,613not counted (proven)TKBB Guideline 4.2
Diğer Gelir Ve Karlar · Other income from operating activities, note 284,449,917undetermined, kept in the upper boundTKBB Guideline 4.1
Kira Gelirleri · Other income from operating activities, note 280not counted (proven)TKBB Guideline 4.2
Yatırım Amaçlı Gayrimenkuller Değer Artış Kazançları · Other income from operating activities, note 280not counted (proven)TKBB Guideline 4.2
Faiz Gelirleri · Finance income, note 306,774,098counted in the ratio (proven)TKBB Guideline 4.1
Kambiyo Karları · Finance income, note 3023,446,368not counted (proven)TKBB Guideline 4.2
Kur Farkı Gelirleri · Income from investing activities, note 29141,925,908not counted (proven)TKBB Guideline 4.2
Kira Gelirleri · Income from investing activities, note 292,148,775not counted (proven)TKBB Guideline 4.2
Duran Varlık Satış Karı · Income from investing activities, note 295,249,833not counted (proven)TKBB Guideline 4.2
Hisse Satışlarından Kaynaklı Kar · Income from investing activities, note 29581,733,058undetermined, kept in the upper bound
Finansal Varlık Değer Artışı* · Income from investing activities, note 29The company's note says: “Finansal varlıklar ve yatırım amaçlı gayrimenkullerin 31 Mart 2026 ve 30 Haziran 2026 tarihleri itibarıyla gerçekleştirilen gerçeğe uygun değer ölçümlerinde meydana gelen değişimler sonucunda oluşan değerleme farklarını ifade etmektedir.”0undetermined, kept in the upper boundTKBB Guideline 4.1
Yatırım Amaçlı Gayrimenkul Değerleme Farkları* · Income from investing activities, note 29The company's note says: “Finansal varlıklar ve yatırım amaçlı gayrimenkullerin 31 Mart 2026 ve 30 Haziran 2026 tarihleri itibarıyla gerçekleştirilen gerçeğe uygun değer ölçümlerinde meydana gelen değişimler sonucunda oluşan değerleme farklarını ifade etmektedir.”0not counted (proven)TKBB Guideline 4.2

KAFİF declaration 14.7% (first half 2026) · Sağlama measurement 11.9% (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
Latest official change

Removed from the BIST Participation All Shares, BIST Participation 30, BIST Participation 50 and BIST Participation 100 indices as of October 1, 2026, for the period from October 2026 to April 2027. Source: Borsa Istanbul announcement, Sep 29, 2026 · KAP disclosure 1669816

All changes for the period from October 2026 to April 2027

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

13 entries

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

  1. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: all three ratios within the threshold. Income 2.68% · assets 6.65% · loans 29.16%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 19.87% · assets 6.65% · loans 29.16%.
  3. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 19.87% · assets 6.65% · loans 30.42%.
  4. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 19.87% · assets 6.65% · loans 29.16%.
  5. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 19.87% · assets 6.65% · loans 30.42%.
  6. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 19.87% · assets 6.65% · loans 29.16%.
  7. MeasurementCorrection note. “Other financial liabilities” (TRY 227,405,601) were missing from the debt numerator: the ratio is about 30.42%, not 29.16%. Below the threshold (33%); the result does not change.
  8. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 19.87% · assets 6.65% · loans 30.42%.
  9. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 12.45% · assets 6.65% · loans 30.41%.
  10. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 12.45% · assets 6.65% · loans 30.41%.
  11. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 11.89% · assets 3.62% · loans 32.11%.
  12. Removed from the indexRemoved from the BIST Participation All Shares, BIST Participation 30, BIST Participation 50 and BIST Participation 100 indices for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
  13. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.13% to 11.89% · assets 0.04% to 3.62% · loans 0.00% to 32.11%. The range crosses the threshold; the outcome depends on the company's declaration.THIS RECORD

Corrections log

  • Note added · closed

    “Other financial liabilities” (TRY 227,405,601) were missing from the debt numerator: the ratio is about 30.42%, not 29.16%. Below the threshold (33%); the result does not change.

    In Turkish, as published.31.03.2026 bilançosu sayfa 4'teki kısa vadeli «Diğer Finansal Yükümlülükler» satırı (227.405.601 TL) ayrıştırıcı tarafından borç payına alınmamıştı. Bölüm ara toplamıyla doğrulanan bu kalem ihtiyaten eklendiğinde pay 5.507.962.556 TL ve oran ≈%30,42 olur; eşik altında kalır. Şirketin genel sonucu başka bir oranın aşımıyla belirlenir ve değişmez. Ölçüm bu notla yayında kalır.

    Closing note: In Turkish, as published.15.09.2026: Bilanço (sayfa 4) yenilenen okuma aracıyla yeniden okundu; kısa vadeli «Diğer Finansal Yükümlülükler» satırı (227.405.601 TL) bölüm ara toplamıyla doğrulanarak borç payına alındı. Yayımlanan borç oranı %29,16'dan %30,42'ye güncellendi; eşik (%33) altında, şirketin genel sonucu değişmedi.

    Evidence: Finansal_20Raporlar.pdf · PDF p. 4 · Fingerprint 6980098b44cb…

Documents and sources

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

  • RALYH financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 496df445763c…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 14.7%, interest-bearing assets 1.6%, interest-bearing loans 16.9%. 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 SLIPRALYH · 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
11.9%
Purification amount
TRY 142.68

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 0.13%); 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.