Questions and answers

The participation indices have two periods a year: May to September and October to April. Borsa Istanbul announces the list for each period on KAP at least 2 business days before the period starts. The current period runs from October 2026 to April 2027; its list was announced on September 29, 2026. The next period starts on May 1, 2027. The list can also change during a period. ALVES shares were removed from the participation indices on September 10, 2026, when they moved to the Watchlist Market (KAP disclosure 1661014). TKNKA shares were added to the BIST Participation All Shares index on August 20, 2026, the day they started trading on the Star Market (KAP disclosure 1652497).

• KAP disclosure 1661014
• KAP disclosure 1652497

The company must publish its participation finance principles information form (KAFİF) on KAP. On the valuation day, the KAFİF Committee, whose members are appointed by Borsa Istanbul and TKBB, reviews the answers on this form (Ground Rules 6.8.e): four YES/NO questions (activities in the articles of association, privileged shares, statements covered by Standard 1.5, activity or income directly contrary to participation finance principles), the excluded income ratio (threshold 5%), and the interest-bearing assets and interest-bearing debt ratios (threshold 33% of total assets). The shares must trade on the Star Market, Main Market or Sub-Market (Ground Rules 6.8.a). A share that meets the criteria joins the BIST Participation All Shares index on the first day of the new period.

It means the share is not on Borsa Istanbul's participation index list: it was not added at the periodic review, or it was removed. The reason can be a ratio above its threshold, a KAFİF form that was not published on time, a “yes” answer to one of the activity questions, or a move of the shares to a market outside the index.

No. Sağlama is not a religious authority. The label “All three ratios within the threshold” is a measurement result. It shows that, based on data as of the stated date, the three financial ratios we measure are within the standard's thresholds. Business activity checks, and items that only the company's own declaration can show, are not part of the measurement. The official record of index membership is shown separately. For religious questions, consult scholars you trust.

From the financial statements that companies publish on their investor relations sites, and from the index lists that Borsa Istanbul publishes. These statements are the same as those submitted to KAP, Türkiye's Public Disclosure Platform. Every figure is shown with its date and a link to the source document. The measurement does not use the company's KAFİF declaration (the participation finance information form companies file on KAP). Where a company has published a KAFİF declaration, it is shown next to the measurement with a link to the KAP page. We read the values one by one and take no bulk data.

The standards measure differently. AAOIFI (the Accounting and Auditing Organization for Islamic Financial Institutions) divides interest-bearing debt by market value, with a 30% threshold. TKBB, the Participation Banks Association of Türkiye, divides it by total assets, with a 33% threshold. Most standards set the income threshold at 5%, but their definitions differ. Data dates differ too. The comparison page explains how the two standards differ. The Global Committee File shows both criteria side by side for foreign shares.

Some deductions can only be known from the company's declaration (for example, which loans come from participation banks). They cannot be confirmed from the public statements, so they are taken as 0. This keeps the debt and asset ratios cautious: they are upper bounds for the items shown in the financial statements. If a company's declaration shows an item higher than the statements do, or does not take a deduction the statements show (for example the lease liabilities on the balance sheet, TKBB Guideline 6.2), the declared ratio can be above this bound; the record then shows both figures. The income ratio is different. Excluded income from business activities (item 4B on the KAP form) is also known only from the declaration and is taken as 0. That part can push the true ratio up, so the income ratio is labeled as measured with the items that can be calculated. Where we have read the company's declaration on KAP, the declaration and the measurement are shown side by side. For records whose financial statements will be read again, each ratio whose reading is not complete rests only on the items read; for these ratios no upper bound and no result are stated, and the page shows the figures read and says that the statements will be read again. The result of these records is given once the statements are read again.

The measurement gives a range. The lower bound counts only the amounts that the statements and notes prove. The upper bound also counts, as a precaution, the items the notes do not break down. If the threshold falls inside this range, the company's KAFİF declaration settles the result. The declaration is published on KAP and linked from the record page. Because the measurement alone cannot settle the result, the record is shown as depending on the declaration, not as a divergence. “Proven above the threshold” means the proven amount alone is above the threshold.

Looking up a share, its ratios and its document links is free. Purification calculations for a whole portfolio, bulk period alerts and institutional access will be paid services. Prices will be announced in Turkish lira.

No. Sağlama gives no investment advice, makes no return forecasts and recommends no shares. It makes the measurement, shows the document behind it and reports status changes. The investment decision is yours.