Sun Tekstil (SUNTK) 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 6.46%, against a threshold of 5%.
Dated October 17, 2026No. SGL-2026-6A-SUNTK
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). Short-term borrowings: no note was found for this item (condensed interim report). Current portion of long-term borrowings: no note was found for this item (condensed interim report). Long-term borrowings: 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 18.33%; both bounds give the same result.
KAFİF declaration 14.9% (first half 2026) · Sağlama range 0.0% to 18.3% (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
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: “Alım satım amaçlı elde tutulan finansal varlıklar” TRY 971,972,514: undetermined, kept in the upper bound; “Üç aydan uzun vadeli mevduatlar” TRY 123,239,249: counted in the ratio (proven); “Kullanımı kısıtlı banka bakiyeleri” TRY 35,121,074: undetermined, kept in the upper bound; “Mintgrams Technologies Inc.” TRY 12,763,513: undetermined, kept in the upper bound; “Myth Yapay Zeka ve Tekstil A.Ş.” TRY 1,283,400: undetermined, kept in the upper bound. Note 23: “Nakit” TRY 24,453: undetermined, kept in the upper bound; “Bankalardaki nakit / -Vadesiz mevduat” TRY 1,118,070,386: not counted (proven); “Bankalardaki nakit / -Vadeli mevduat” TRY 4,191,952: counted in the ratio (proven). The ratio is in the range 0.90% to 9.14%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Alım satım amaçlı elde tutulan finansal varlıklar · Financial investments, note 22
971,972,514
undetermined, kept in the upper bound
Üç aydan uzun vadeli mevduatlar · Financial investments, note 22
123,239,249
counted in the ratio (proven)
TKBB Guideline 5.1
Kullanımı kısıtlı banka bakiyeleri · Financial investments, note 22
35,121,074
undetermined, kept in the upper bound
TKBB Guideline 5.1
Mintgrams Technologies Inc. · Financial investments, note 22
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 14: “Ticari faaliyetlerden kaynaklanan kur farkı geliri” TRY 92,038,124: not counted (proven); “Konusu kalmayan şüpheli alacak karşılığı” TRY 372,440: not counted (proven); “Konusu kalmayan dava karşılığı” TRY 123,992: not counted (proven); “Diğer” TRY 99,941,279: undetermined, kept in the upper bound. Note 16: “Finansman faaliyetlerinden kaynaklanan kur farkı geliri” TRY 186,725,079: not counted (proven); “Türev araçlar gerçeğe uygun değer kazançları” TRY 138,603,358: counted in the ratio (proven); “Faiz gelirleri” TRY 14,387,468: counted in the ratio (proven); “Diğer” TRY 14,536,799: undetermined, kept in the upper bound. Note 15: “Menkul kıymet satış karları” TRY 302,319,567: undetermined, kept in the upper bound; “Sabit kıymet satış karları” TRY 10,927,056: not counted (proven). The ratio is in the range 2.10% to 7.83%; the outcome depends on the company's declaration.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Ticari faaliyetlerden kaynaklanan kur farkı geliri · Other income from operating activities, note 14
92,038,124
not counted (proven)
TKBB Guideline 4.2
Konusu kalmayan şüpheli alacak karşılığı · Other income from operating activities, note 14
372,440
not counted (proven)
TKBB Guideline 4.2
Konusu kalmayan dava karşılığı · Other income from operating activities, note 14
123,992
not counted (proven)
TKBB Guideline 4.2
Diğer · Other income from operating activities, note 14
99,941,279
undetermined, kept in the upper bound
TKBB Guideline 4.1
Finansman faaliyetlerinden kaynaklanan kur farkı geliri · Finance income, note 16
186,725,079
not counted (proven)
TKBB Guideline 4.2
Türev araçlar gerçeğe uygun değer kazançları · Finance income, note 16
138,603,358
counted in the ratio (proven)
TKBB Guideline 4.1
Faiz gelirleri · Finance income, note 16
14,387,468
counted in the ratio (proven)
TKBB Guideline 4.1
Diğer · Finance income, note 16
14,536,799
undetermined, kept in the upper bound
TKBB Guideline 4.1
Menkul kıymet satış karları · Income from investing activities, note 15
302,319,567
undetermined, kept in the upper bound
TKBB Guideline 4.1
Sabit kıymet satış karları · Income from investing activities, note 15
10,927,056
not counted (proven)
TKBB Guideline 4.2
KAFİF declaration 6.5% (first half 2026) · Sağlama range 2.1% to 7.8% (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
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.
Removed from the BIST Participation All Shares, BIST Participation 100, BIST Participation Dividend and BIST Participation Sustainability 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
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
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 12.90% · assets 21.81% · loans 19.10%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 9.30% · assets 14.94% · loans 19.10%.
Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 9.30% · assets 14.94% · loans 19.10%.
Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 7.83% · assets 9.14% · loans 18.33%.
Removed from the indexRemoved from the BIST Participation All Shares, BIST Participation 100, BIST Participation Dividend and BIST Participation Sustainability indices for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 2.10% to 7.83% · assets 0.90% to 9.14% · loans 0.00% to 18.33%. 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
SUNTK financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint d0abc4623753…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 6.5%, interest-bearing assets 8.8%, interest-bearing loans 14.9%. 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?
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 SLIPSUNTK · 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
7.8%
Purification amount
TRY 93.96
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 2.10%); 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.