Üçay Mühendislik (UCAYM) 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 100 index.
Dated October 17, 2026No. SGL-2026-6A-UCAYM
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. Of the lease liabilities shown on the balance sheet, TRY 93,497,257 are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 5). Deductions on line 6J of the company's KAFİF declaration are taken only when the financial statements or notes confirm them. 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; none of them was deducted in this measurement.) Note 8: “Diğer borçlar” TRY 177,007: undetermined, kept in the upper bound. Notes that could not be used: Note 17 (Short-term borrowings): the note's amounts could not be matched to this item automatically. Note 17 (Current portion of long-term borrowings): the note's amounts could not be matched to this item automatically. Note 17 (Long-term borrowings): the note's amounts could not be matched to this item automatically. The ratio is in the range 0.00% to 4.94%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Diğer borçlar · Other payables, note 8
177,007
undetermined, kept in the upper bound
TKBB Guideline 4.1
KAFİF declaration 2.2% (first half 2026) · Sağlama range 0.0% to 4.9% (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
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 11: “Yatırım fonları (*)” TRY 417,090,996: undetermined, kept in the upper bound. Note 6: “Kasa” TRY 2,912,020: not counted (proven); “Banka / - Vadeli mevduat” TRY 140,198,311: counted in the ratio (proven); “Banka / - Vadesiz mevduat” TRY 155,017,571: not counted (proven); “Diğer hazır değerler (*)” TRY 33,096,383: undetermined, kept in the upper bound. The ratio is in the range 4.11% to 17.33%; both bounds give the same result.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Yatırım fonları (*) · Financial investments, note 11The company's note says: “Kısa vadeli finansal yatırımlar, bilanço tarihi itibariyle gerçeğe uygun değer farkı kâr veya zarara yansıtılan para piyasası fonlarından oluşmaktadır.”
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 23: “Faaliyetlerden kaynaklanan kur farkı gelirleri” TRY 2,486,225: not counted (proven); “Ertelenmiş finansman gelirleri” TRY 60,347,153: undetermined, kept in the upper bound; “Faiz gelirleri” TRY 28,943,547: counted in the ratio (proven); “Konusu kalmayan dava karşılıkları (Dipnot 19)” TRY 0: not counted (proven); “Konusu kalmayan karşılıklar (Dipnot 7)” TRY 15,688,051: not counted (proven); “Faaliyetle ilgili diğer gelirler” TRY 10,021,773: undetermined, kept in the upper bound. Note 24: “Yatırım amaçlı gayrimenkuller satış karları” TRY 0: not counted (proven); “Sabit kıymet satış karları” TRY 8,070,867: not counted (proven); “Finansal yatırım gerçeğe uygun değer kazançları” TRY 118,364,896: undetermined, kept in the upper bound; “Kira gelirleri” TRY 479,167: not counted (proven). The ratio is in the range 1.43% to 10.77%; the outcome depends on the company's declaration.
Breakdown from the notes
Item, as written in the company's report
Amount (TRY)
Class
Basis
Faaliyetlerden kaynaklanan kur farkı gelirleri · Other income from operating activities, note 23
2,486,225
not counted (proven)
TKBB Guideline 4.2
Ertelenmiş finansman gelirleri · Other income from operating activities, note 23
60,347,153
undetermined, kept in the upper bound
TKBB Guideline 4.1
Faiz gelirleri · Other income from operating activities, note 23
28,943,547
counted in the ratio (proven)
TKBB Guideline 4.1
Konusu kalmayan dava karşılıkları (Dipnot 19) · Other income from operating activities, note 23
0
not counted (proven)
TKBB Guideline 4.2
Konusu kalmayan karşılıklar (Dipnot 7) · Other income from operating activities, note 23
15,688,051
not counted (proven)
TKBB Guideline 4.2
Faaliyetle ilgili diğer gelirler · Other income from operating activities, note 23
10,021,773
undetermined, kept in the upper bound
TKBB Guideline 4.1
Yatırım amaçlı gayrimenkuller satış karları · Income from investing activities, note 24
0
not counted (proven)
TKBB Guideline 4.2
Sabit kıymet satış karları · Income from investing activities, note 24
8,070,867
not counted (proven)
TKBB Guideline 4.2
Finansal yatırım gerçeğe uygun değer kazançları · Income from investing activities, note 24
118,364,896
undetermined, kept in the upper bound
TKBB Guideline 4.1
Kira gelirleri · Income from investing activities, note 24
479,167
not counted (proven)
TKBB Guideline 4.2
KAFİF declaration 1.8% (first half 2026) · Sağlama range 1.4% to 10.8% (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.
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
9 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 16.38% · assets 27.99% · loans 2.20%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 16.38% · assets 27.99% · loans 4.59%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 16.38% · assets 27.99% · loans 2.20%.
MeasurementCorrection note. Lease liabilities (short term TRY 49,590,995, long term TRY 29,230,694) were missing from the debt numerator: the ratio is about 4.59%, not 2.20%. Below the threshold (33%); the result does not change.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 16.38% · assets 27.99% · loans 4.59%.
Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 14.57% · assets 27.80% · loans 4.59%.
Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 14.57% · assets 27.80% · loans 4.59%.
Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 10.77% · assets 17.33% · loans 7.68%.
MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 1.43% to 10.77% · assets 4.11% to 17.33% · loans 0.00% to 4.94%. The range crosses the threshold; the outcome depends on the company's declaration.THIS RECORD
Corrections log
Note added · closed
Lease liabilities (short term TRY 49,590,995, long term TRY 29,230,694) were missing from the debt numerator: the ratio is about 4.59%, not 2.20%. Below the threshold (33%); the result does not change.
In Turkish, as published.31.03.2026 bilançosu sayfa 4'teki «Kiralama İşlemlerinden Borçlar» satırları (kısa vadeli 49.590.995 TL, uzun vadeli 29.230.694 TL) borç payına girmemişti. Bölüm ara toplamlarıyla doğrulanan bu kalemler ihtiyaten eklendiğinde pay 151.584.200 TL ve oran ≈%4,59 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; «Kiralama İşlemlerinden Borçlar» satırları (kısa vadeli 49.590.995 TL, uzun vadeli 29.230.694 TL) bölüm ara toplamlarıyla doğrulanarak borç payına alındı. Yayımlanan borç oranı %2,20'den %4,59'a güncellendi; eşik (%33) altında, şirketin genel sonucu değişmedi.
Evidence: 31-Mart-2026-Tarihli-Finansal-Tablolar-1.pdf · PDF p. 4 · Fingerprint af4fddedcc10…
Documents and sources
Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method
UCAYM financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint f583f5431b15…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 1.8%, interest-bearing assets 16.4%, interest-bearing loans 2.2%. 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 SLIPUCAYM · 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
10.8%
Purification amount
TRY 129.24
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 1.43%); 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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Companies in the same index
The 12 companies just before and after this one in alphabetical order in BIST Participation 100.