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Sağlama record · BIST: RGYAS

Rönesans Gayrimenkul Yatırım

Rönesans Gayrimenkul Yatırım (RGYAS) 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 8.81%, against a threshold of 5%.

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

Based on the financial statements for the first half of 2026, the excluded income ratio is above the threshold.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
15.6%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 37,206,480,000÷TRY 238,980,463,000 (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. Note 8: “Ödenecek vergi ve fonlar” TRY 848,076 thousand: not counted (proven); “İlişkili taraflara diğer borçlar (Not 5)” TRY 79,569 thousand: undetermined, kept in the upper bound; “Alınan depozito ve teminatlar” TRY 32,086 thousand: undetermined, kept in the upper bound; “Diğer” TRY 450 thousand: undetermined, kept in the upper bound; “İlişkili taraflara diğer borçlar (Not 5)” TRY 3,255,041 thousand: undetermined, kept in the upper bound; “Alınan depozito ve teminatlar” TRY 69,335 thousand: undetermined, kept in the upper bound. Notes that could not be used: Note 23 (Current portion of long-term borrowings): the note's amounts could not be matched to this item automatically. Note 23 (Long-term borrowings): the note shows only a total line, with no breakdown. The ratio is in the range 0.00% to 15.57%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Ödenecek vergi ve fonlar · Other payables, note 8848,076not counted (proven)TKBB Guideline 6.2
İlişkili taraflara diğer borçlar (Not 5) · Other payables, note 879,569undetermined, kept in the upper boundTKBB Guideline 6.1
Alınan depozito ve teminatlar · Other payables, note 832,086undetermined, kept in the upper boundTKBB Guideline 6.1
Diğer · Other payables, note 8450undetermined, kept in the upper boundTKBB Guideline 4.1
İlişkili taraflara diğer borçlar (Not 5) · Other payables, note 83,255,041undetermined, kept in the upper boundTKBB Guideline 6.1
Alınan depozito ve teminatlar · Other payables, note 869,335undetermined, kept in the upper boundTKBB Guideline 6.1

KAFİF declaration 13.6% (first half 2026) · Sağlama range 0.0% to 15.6% (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

Interest-bearing assets

within the threshold
7.6%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 18,185,726,000÷TRY 238,980,463,000 (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. Note 22: “Gerçeğe uygun değer farkı kar ya da zarar tablosuna yansıtılan yatırımlar (*)” TRY 1,678,150 thousand: undetermined, kept in the upper bound. Note 26: “Nakit mevcudu” TRY 390 thousand: not counted (proven); “Vadesiz mevduatlar” TRY 1,746,406 thousand: not counted (proven); “Vadeli mevduatlar” TRY 7,905,845 thousand: counted in the ratio (proven). The ratio is in the range 3.31% to 7.61%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Gerçeğe uygun değer farkı kar ya da zarar tablosuna yansıtılan yatırımlar (*) · Financial investments, note 22The company's note says: “Kısa vadeli finansal yatırımlar kısa vadeli yatırım fonlarından oluşmaktadır.”1,678,150undetermined, kept in the upper bound
Nakit mevcudu · Cash and cash equivalents, note 26390not counted (proven)TKBB Guideline 5.2
Vadesiz mevduatlar · Cash and cash equivalents, note 261,746,406not counted (proven)TKBB Guideline 5.2
Vadeli mevduatlar · Cash and cash equivalents, note 267,905,845counted in the ratio (proven)TKBB Guideline 5.1

KAFİF declaration 7.6% (first half 2026) · Sağlama range 3.3% to 7.6% (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

above the threshold
28.4%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 3,806,363,000÷TRY 13,421,634,000 (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 17: “değerindeki değişim (Not 11.a)” TRY 2,316,220 thousand: undetermined, kept in the upper bound; “Sigorta gelirleri” TRY 23,792 thousand: not counted (proven); “Faaliyet destek gelirleri” TRY 40,789 thousand: not counted (proven); “Faaliyetlerden kaynaklanan kur farkı geliri, net” TRY 0 thousand: not counted (proven); “Yatırım amaçlı gayrimenkul satış geliri / değerindeki değişim (Not 11.b)” TRY 0 thousand: not counted (proven); “Konusu kalmayan karşılıklar” TRY 97,042 thousand: not counted (proven); “Diğer” TRY 168,160 thousand: undetermined, kept in the upper bound. Note 18: “Banka mevduatlarından elde edilen kur farkı geliri” TRY 446,895 thousand: not counted (proven); “Faiz geliri (*)” TRY 877,118 thousand: counted in the ratio (proven); “araçlar üzerindeki gerçekleşmiş kar (**)” TRY 84 thousand: undetermined, kept in the upper bound; “araçlar üzerindeki gerçekleşmemiş kar (**)” TRY 45,366 thousand: undetermined, kept in the upper bound. Notes that could not be used: Income from investing activities: no note was found for this item (condensed interim report). The ratio is in the range 6.54% to 28.36%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
değerindeki değişim (Not 11.a) · Other income from operating activities, note 172,316,220undetermined, kept in the upper bound
Sigorta gelirleri · Other income from operating activities, note 1723,792not counted (proven)TKBB Guideline 4.2
Faaliyet destek gelirleri · Other income from operating activities, note 1740,789not counted (proven)TKBB Guideline 4.2
Faaliyetlerden kaynaklanan kur farkı geliri, net · Other income from operating activities, note 170not counted (proven)TKBB Guideline 4.2
Yatırım amaçlı gayrimenkul satış geliri / değerindeki değişim (Not 11.b) · Other income from operating activities, note 170not counted (proven)TKBB Guideline 4.2
Konusu kalmayan karşılıklar · Other income from operating activities, note 1797,042not counted (proven)TKBB Guideline 4.2
Diğer · Other income from operating activities, note 17168,160undetermined, kept in the upper boundTKBB Guideline 4.1
Banka mevduatlarından elde edilen kur farkı geliri · Finance income, note 18446,895not counted (proven)TKBB Guideline 4.2
Faiz geliri (*) · Finance income, note 18The company's note says: “Faiz geliri vadeli mevduatlardan ve ilişkili taraf borçlanmalarından elde edilen faiz gelirlerinden oluşmaktadır.”877,118counted in the ratio (proven)TKBB Guideline 4.1
araçlar üzerindeki gerçekleşmiş kar (**) · Finance income, note 18The company's note says: “Türev araçların gerçeğe uygun değerindeki değişimi ifade etmektedir. b) Finansman giderleri”84undetermined, kept in the upper bound
araçlar üzerindeki gerçekleşmemiş kar (**) · Finance income, note 18The company's note says: “Türev araçların gerçeğe uygun değerindeki değişimi ifade etmektedir. b) Finansman giderleri”45,366undetermined, kept in the upper bound

KAFİF declaration 8.8% (first half 2026) · Sağlama range 6.5% to 28.4% (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
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 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

3 entries

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

  1. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: at least one ratio above the threshold. Income 28.36% · assets 7.61% · loans 15.57%.
  2. Removed from the indexRemoved from the BIST Participation All Shares and BIST Participation 100 indices for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
  3. MeasurementTKBB rules, August 2025, version 3 · first half 2026: at least one ratio above the threshold. Income 6.54% to 28.36% · assets 3.31% to 7.61% · loans 0.00% to 15.57%.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

  • RGYAS financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 27b6e446dd8d…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 8.8%, interest-bearing assets 7.6%, interest-bearing loans 13.6%. 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 SLIPRGYAS · 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
28.4%
Purification amount
TRY 340.32

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 6.54%); 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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