Tekfen Holding (TKFEN) 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 30, BIST Participation 30 Equal Weighted Return, BIST Participation 50, BIST Participation 100 and BIST Participation Sustainability indices.
Dated October 17, 2026No. SGL-2026-6A-TKFEN
Based on the financial statements for the first half of 2026, all three ratios are within the TKBB thresholds.
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 13 (Short-term borrowings): no table was found in the note. Note 13 (Current portion of long-term borrowings): no table was found in the note. Note 13 (Long-term borrowings): no table was found in the note. 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 20.58%; both bounds give the same result.
KAFİF declaration 18.1% (first half 2026) · Sağlama range 0.0% to 20.6% (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
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. The deductions the company declares on line 5G 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. Notes that could not be used: Note 4.24 (Financial investments (current and non-current)): the statement amount could not be matched to the note's column automatically. Note 7 (Cash and cash equivalents): no table was found in the note. 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 18.73%; both bounds give the same result.
KAFİF declaration 15.8% (first half 2026) · Sağlama range 0.0% to 18.7% (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
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 19: “Vade farkı gelirleri” TRY 779,124 thousand: not counted (proven); “Operasyonlardan kaynaklanan kur farkı gelirleri” TRY 686,045 thousand: not counted (proven); “Reeskont gelirleri” TRY 125,417 thousand: undetermined, kept in the upper bound; “Konusu kalmayan diğer karşılıklar (Not: 14)” TRY 66,818 thousand: not counted (proven); “İade alınan SGK prim geliri” TRY 23,525 thousand: not counted (proven); “Riskten korunma amaçlı türev finansal araç gelirleri (Not: 22)” TRY 17,368 thousand: counted in the ratio (proven); “Hurda satış gelirleri” TRY 13,207 thousand: not counted (proven); “Konusu kalmayan dava karşılığı (Not: 14)” TRY 5,503 thousand: not counted (proven); and 4 more lines. Note 20: “Kur farkı gelirleri” TRY 561,920 thousand: not counted (proven); “Faiz gelirleri” TRY 235,072 thousand: counted in the ratio (proven); “Opsiyon prim gelirleri (Not:22)” TRY 44,134 thousand: counted in the ratio (proven); “Diğer finansman gelirleri” TRY 146 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 0.94% to 2.94%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY thousand)
Class
Basis
Vade farkı gelirleri · Other income from operating activities, note 19
779,124
not counted (proven)
TKBB Guideline 4.2
Operasyonlardan kaynaklanan kur farkı gelirleri · Other income from operating activities, note 19
686,045
not counted (proven)
TKBB Guideline 4.2
Reeskont gelirleri · Other income from operating activities, note 19
125,417
undetermined, kept in the upper bound
TKBB Guideline 4.1
Konusu kalmayan diğer karşılıklar (Not: 14) · Other income from operating activities, note 19
66,818
not counted (proven)
TKBB Guideline 4.2
İade alınan SGK prim geliri · Other income from operating activities, note 19
23,525
not counted (proven)
TKBB Guideline 4.2
Riskten korunma amaçlı türev finansal araç gelirleri (Not: 22) · Other income from operating activities, note 19
17,368
counted in the ratio (proven)
TKBB Guideline 4.1
Hurda satış gelirleri · Other income from operating activities, note 19
13,207
not counted (proven)
TKBB Guideline 4.2
Konusu kalmayan dava karşılığı (Not: 14) · Other income from operating activities, note 19
5,503
not counted (proven)
TKBB Guideline 4.2
Tazminat gelirleri · Other income from operating activities, note 19
4,737
not counted (proven)
TKBB Guideline 4.2
Kira gelirleri · Other income from operating activities, note 19
4,433
not counted (proven)
TKBB Guideline 4.2
Devlet teşvik gelirleri · Other income from operating activities, note 19
1,928
not counted (proven)
TKBB Guideline 4.2
Diğer gelirler · Other income from operating activities, note 19
315,060
undetermined, kept in the upper bound
TKBB Guideline 4.1
Kur farkı gelirleri · Finance income, note 20
561,920
not counted (proven)
TKBB Guideline 4.2
Faiz gelirleri · Finance income, note 20
235,072
counted in the ratio (proven)
TKBB Guideline 4.1
Opsiyon prim gelirleri (Not:22) · Finance income, note 20
44,134
counted in the ratio (proven)
TKBB Guideline 4.1
Diğer finansman gelirleri · Finance income, note 20
146
undetermined, kept in the upper bound
TKBB Guideline 4.1
KAFİF declaration 2.5% (first half 2026) · Sağlama range 0.9% to 2.9% (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
5 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 10.07% · assets 21.68% · loans 20.96%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: all three ratios within the threshold. Income 3.27% · assets 21.68% · loans 20.96%.
Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: all three ratios within the threshold. Income 3.27% · assets 21.68% · loans 20.96%.
Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: all three ratios within the threshold. Income 2.94% · assets 18.73% · loans 20.58%.
MeasurementTKBB rules, August 2025, version 3 · first half 2026: all three ratios within the threshold. Income 0.94% to 2.94% · assets 0.00% to 18.73% · loans 0.00% to 20.58%.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
TKFEN financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 18dd46db0db8… · fingerprint of the downloaded file 81d4047070ee…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
Based on data as of this date, the three ratios we measure are within the TKBB thresholds.
The company's KAFİF declaration
The company's declaration on the KAP form (first half 2026): excluded income 2.5%, interest-bearing assets 15.8%, interest-bearing loans 18.1%. The three declared ratios are within the thresholds. 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 SLIPTKFEN · 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
2.9%
Purification amount
TRY 35.28
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 0.94%); 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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