Skip to content
Menu

Sağlama record · BIST: ZERGY

Zeray GYO

Zeray GYO (ZERGY) 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 35.41%, against a threshold of 5%.

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

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
9.8%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 1,092,881,755÷TRY 11,124,960,105 (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 5: “Uzun vadeli banka kredilerinin kısa vadeli kısımları” TRY 480,150,328: undetermined, kept in the upper bound; “Diğer mali borçlar” TRY 0: undetermined, kept in the upper bound. Note 5: “Uzun vadeli banka kredileri” TRY 612,731,427: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 9.82%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Uzun vadeli banka kredilerinin kısa vadeli kısımları · Short-term borrowings, note 5480,150,328undetermined, kept in the upper boundTKBB Guideline 6.1
Diğer mali borçlar · Short-term borrowings, note 50undetermined, kept in the upper boundTKBB Guideline 4.1
Uzun vadeli banka kredileri · Long-term borrowings, note 5612,731,427undetermined, kept in the upper boundTKBB Guideline 6.1

KAFİF declaration 9.4% (first half 2026) · Sağlama range 0.0% to 9.8% (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

Interest-bearing assets

within the threshold
0.0%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 83,095÷TRY 11,124,960,105 (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: “Fon yatırımları” TRY 0: undetermined, kept in the upper bound. Note 3: “Bankalar / - Vadeli mevduat” TRY 13,768: counted in the ratio (proven); “Bankalar / - Vadesiz mevduat” TRY 1,731,623: not counted (proven); “Diğer hazır değerler” TRY 69,327: undetermined, kept in the upper bound. The lower and upper bounds are the same: 0.00%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Fon yatırımları · Financial investments, note 40undetermined, kept in the upper bound
Bankalar / - Vadeli mevduat · Cash and cash equivalents, note 313,768counted in the ratio (proven)TKBB Guideline 5.1
Bankalar / - Vadesiz mevduat · Cash and cash equivalents, note 31,731,623not counted (proven)TKBB Guideline 5.2
Diğer hazır değerler · Cash and cash equivalents, note 369,327undetermined, 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

Excluded income

depends on the declaration
at most35.4%

Proven lower bound 1.0% · cautious upper bound 35.4%

Calculation and source

Calculation: numerator ÷ denominatorTRY 87,979,512÷TRY 248,460,844 (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. 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 18: “Konusu kalmayan karşılık gelirleri” TRY 137,583,636: not counted (proven); “Kur farkı geliri” TRY 0: not counted (proven); “Diğer” TRY 790,764: undetermined, kept in the upper bound. Note 19: “Vadeli mevduat faiz gelirleri” TRY 2,586,715: counted in the ratio (proven); “Kur farkı gelirleri” TRY 10,364: not counted (proven). Note 20: “Menkul kıymet satış karı” TRY 84,602,033: undetermined, kept in the upper bound. The ratio is in the range 1.04% to 35.41%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Konusu kalmayan karşılık gelirleri · Other income from operating activities, note 18137,583,636not counted (proven)TKBB Guideline 4.2
Kur farkı geliri · Other income from operating activities, note 180not counted (proven)TKBB Guideline 4.2
Diğer · Other income from operating activities, note 18790,764undetermined, kept in the upper boundTKBB Guideline 4.1
Vadeli mevduat faiz gelirleri · Finance income, note 192,586,715counted in the ratio (proven)TKBB Guideline 4.1
Kur farkı gelirleri · Finance income, note 1910,364not counted (proven)TKBB Guideline 4.2
Menkul kıymet satış karı · Income from investing activities, note 2084,602,033undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 35.4% (first half 2026) · Sağlama range 1.0% to 35.4% (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

6 entries

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

  1. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 96.12% · assets 2.64% · loans 9.48%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 96.11% · assets 2.60% · loans 9.48%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 96.11% · assets 2.60% · loans 9.48%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 35.41% · assets 0.00% · loans 9.82%.
  5. 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.
  6. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 1.04% to 35.41% · assets 0.00% · loans 0.00% to 9.82%. 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

  • ZERGY financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint af42f26db246…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 35.4%, interest-bearing assets 0.0%, interest-bearing loans 9.4%. 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 SLIPZERGY · 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
35.4%
Purification amount
TRY 424.92

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 1.04%); 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.

Get an alert if it changes

Your address is kept so that we can tell you when the status of ZERGY changes. Alerts start when the sending service goes live. At most one or two e-mails a month. You can unsubscribe with one click.

Your address is used only for these alerts.

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.