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Sağlama record · BIST: UFUK

Ufuk Yatırım Yönetim ve Gayrimenkul

Ufuk Yatırım Yönetim ve Gayrimenkul (UFUK) 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 100.00%, against a threshold of 5%.

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

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

within the threshold
0.0%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 1,188,442÷TRY 3,266,131,936 (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. 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.) Note 6: “İlişkili taraflara diğer borçlar*” TRY 276,750: undetermined, kept in the upper bound; “İlişkili olmayan taraflara diğer borçlar” TRY 911,692: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 0.04%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
İlişkili taraflara diğer borçlar* · Other payables, note 6The company's note says: “İlişkili taraflara diğer borçlar hesabı altında izlenen 276.750 TL şirket avukatı Abdullah Yavaş’tan alınan avukatlık hizmet bedelidir.”276,750undetermined, kept in the upper boundTKBB Guideline 6.1
İlişkili olmayan taraflara diğer borçlar · Other payables, note 6911,692undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 0.0% (first half 2026) · Sağlama range 0.0% to 0.0% (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
2.8%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 92,517,276÷TRY 3,266,131,936 (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 4: “Gerçeğe Uygun Değer Farkı Kar veya Zarara Yansıtılan Finansal Varlıklar / Diğer Menkul kıymetler*” TRY 92,517,276: undetermined, kept in the upper bound. Note 3: “Bankalar / Vadesiz Mevduat- TL” TRY 130,712: not counted (proven). The ratio is in the range 0.00% to 2.83%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Gerçeğe Uygun Değer Farkı Kar veya Zarara Yansıtılan Finansal Varlıklar / Diğer Menkul kıymetler* · Financial investments, note 4The company's note says: “Diğer Menkul kıymetler Sınıfı/Kodu Adeti Adet Fiyatı”92,517,276undetermined, kept in the upper boundTKBB Guideline 4.1
Bankalar / Vadesiz Mevduat- TL · Cash and cash equivalents, note 3130,712not counted (proven)TKBB Guideline 5.2

KAFİF declaration 2.8% (first half 2026) · Sağlama range 0.0% to 2.8% (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

View the documentMethod

Excluded income

depends on the declaration
at most100.0%

Proven lower bound 0.0% · cautious upper bound 100.0%

Calculation and source

Calculation: numerator ÷ denominatorTRY 17,650,203÷TRY 17,650,203 (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. The deduction for income that does not count (line 4D of the KAFİF form) is not known and was set to 0. For the income lines that may count (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 15: “Kambiyo Karları” TRY 0: not counted (proven); “Hizmet Gelirleri” TRY 0: not counted (proven); “Diğer Gelir ve Karlar” TRY 50: undetermined, kept in the upper bound. Note 17: “Kambiyo Karları” TRY 0: not counted (proven); “Alacak Reeskont Gelirleri” TRY 0: undetermined, kept in the upper bound. Note 16: “Menkul Kıymet Satış Karları” TRY 17,550,090: undetermined, kept in the upper bound; “Fon Değer Artış Gelirleri” TRY 100,063: undetermined, kept in the upper bound; “Duran Varlık Değer Artışı” TRY 0: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 100.00%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kambiyo Karları · Other income from operating activities, note 150not counted (proven)TKBB Guideline 4.2
Hizmet Gelirleri · Other income from operating activities, note 150not counted (proven)TKBB Guideline 4.2
Diğer Gelir ve Karlar · Other income from operating activities, note 1550undetermined, kept in the upper boundTKBB Guideline 4.1
Kambiyo Karları · Finance income, note 170not counted (proven)TKBB Guideline 4.2
Alacak Reeskont Gelirleri · Finance income, note 170undetermined, kept in the upper boundTKBB Guideline 4.1
Menkul Kıymet Satış Karları · Income from investing activities, note 1617,550,090undetermined, kept in the upper boundTKBB Guideline 4.1
Fon Değer Artış Gelirleri · Income from investing activities, note 16100,063undetermined, kept in the upper bound
Duran Varlık Değer Artışı · Income from investing activities, note 160undetermined, kept in the upper bound

KAFİF declaration 100.0% (first half 2026) · Sağlama range 0.0% to 100.0% (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 index 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: depends on the company's declaration. Income 100.00% · assets 2.83% · loans 0.04%.
  2. Removed from the indexRemoved from the BIST Participation All Shares index 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: depends on the company's declaration. Income 0.00% to 100.00% · assets 0.00% to 2.83% · loans 0.00% to 0.04%. 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

  • UFUK financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 011a032bc5f9… · fingerprint of the downloaded file eec0f6875334…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 100.0%, interest-bearing assets 2.8%, interest-bearing loans 0.0%. 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 SLIPUFUK · 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
100.0%
Purification amount
TRY 1,200.00

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 0.00%); 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.