Product and activity checks
A financial statement often does not show what a company sells
Sağlama reads it from the company's own report and from public product records, and links what it finds to revenue. Sağlama measures; it issues no religious ruling. Your advisory committee decides.
How it works
- Criterion
- AAOIFI Shari'ah Standard No. 21. The Standard gives making liquor, trading in swine and dealing in interest as examples of the business it excludes (2/1, 3/4/1). Gambling is not among them; it appears only in the Standard's Shari'ah basis, as a reason for excluding futures, options and swaps. So the game labels below, for paid random items and social casino games played with virtual chips, are questions for your committee, not findings.
- Sources
- The company's reports to the SEC, age-rating labels on the US App Store and Steam, drug labels from the US National Library of Medicine (DailyMed) and the company's own website.
- Rule
- Every flag rests on a sentence taken word for word from its source, with a link to that source. Nothing is flagged without a quote.
- Link to revenue
- If the report does not give the product's revenue, the measurement is a range. The lower bound is the amount the documents prove. The upper bound also counts the whole revenue line that holds the product.
- Question for the company
- The company's answer closes the range. The question asks for the one share that would close it.
Worked examples: five companies traded on US exchanges
The ratio is AAOIFI 3/4/4: income from excluded items divided by total income, threshold 5%. Amounts come from the 10-Q reports for the period ended June 30, 2026 (Walmart: July 31, 2026; Perrigo: June 27, 2026).
| Company | What was found | Where | Ratio range | The question that closes the range |
|---|---|---|---|---|
| Take-Two | What was foundQuestion for the committee: a “Simulated Gambling” label (gambling simulated without real money) or a “Loot Boxes” label on 23 Zynga apps; paid random items in 4 Steam games | WhereUS App Store, Steam, 10-Q | Ratio range1.46% to 84.32% | The question that closes the rangeDo sales of paid random items and virtual chips exceed 4.27% of in-game spending revenue? |
| Roblox | What was foundQuestion for the committee: the “Loot Boxes” label; the company's report mentions random-item mechanics | WhereUS App Store, 10-Q | Ratio range3.77% to 100.00% | The question that closes the rangeDo sales of paid random items exceed 1.28% of revenue? |
| Walmart | What was foundAlcoholic beverages in the grocery line; fresh pork | Where10-K, company website | Ratio range0.05% to 48.74% (excluding Walmart International) | The question that closes the rangeDo sales of alcohol and pork products exceed 10.17% of grocery sales? |
| Marriott | What was foundDrinks served in hotel bars; part of its fees is calculated on food and beverage revenue | Wheremarriott.com, 10-K, 10-Q | Ratio range0.78% to 100.00% | The question that closes the rangeDoes alcohol exceed 3.91% of fee and owned-hotel revenue? |
| Perrigo | What was foundGelatin of unstated source on 24 drug labels | WhereDailyMed, 10-K, 10-Q | Ratio range0.00% to 52.86% | The question that closes the rangeDo sales of products with porcine gelatin exceed 9.46% of Self Care sales? |
All five read the same: the range crosses the threshold, review needed. This is a measurement, not a religious ruling. The reports give no revenue per product; the company's answer closes the range. For Take-Two and Roblox, the ratio applies if the committee counts these mechanics as excluded. Roblox is blocked in Türkiye, as the company's own report says.
Excluded income, gross and inflation-adjusted
Turkish consumer prices rose 17.76% in the first half of 2026. At the TRY deposit rates Tüpraş reports (40.08% and 42.89% a year), about four fifths of its TRY interest only makes up for that rise. On this page we show both forms side by side for three Borsa Istanbul companies: the gross ratio and the ratio with inflation deducted from interest income.
- Gross ratio
- The excluded-income ratio published on Sağlama's record page (TKBB criterion, threshold 5%), from the June 30, 2026 interim reports, read on October 24, 2026.
- Proposed method
- The loss inflation causes on the TRY balance that earned the interest is deducted from TRY interest. The deduction never exceeds TRY interest. The denominator and all other items stay as they are.
- Currency
- TRY inflation reduces TRY interest only. Interest on foreign-currency balances is not reduced.
- The balance is estimated two ways
- The average of the balances at the two report dates (December 31, 2025 and June 30, 2026), and the balance implied by the interest at the rates the report gives. The upper bound uses the smaller balance and the lower bound the larger one. So the adjusted ratio is an estimate.
- Replaceable
- This is Sağlama's proposed method. If your committee has its own method, the calculation follows it.
- Link to TKBB
- TKBB Participation Finance Standards No. 1, the share issuance and trading standard, item 3.6.2, bases the purification of interest income on the part above inflation. Sağlama proposes showing the same idea in the ratio; the proposal is not part of the Standard.
| Company | Gross | Inflation-adjusted (estimate) | Result |
|---|---|---|---|
| Tüpraş | Gross2.16% to 3.54% | Inflation-adjusted (estimate)0.09% to 1.83% | ResultWithin the threshold; unchanged |
| Rönesans Gayrimenkul | Gross6.54% to 28.36% | Inflation-adjusted (estimate)0.00% to 25.98% | ResultAbove the threshold → The range crosses the threshold |
| Ayen Enerji | Gross5.97% to 6.68% | Inflation-adjusted (estimate)4.52% to 6.68% | ResultAbove the threshold → The range crosses the threshold |
At Ayen most of the interest comes from loans to its parent company. The report does not split those loans by currency, but its FX position table shows that at least 94.23% of them are in foreign currency. So the adjusted ratio lies between 4.52% and 6.68%, and the company's answer on the currency split closes the range.
Questions for the company: a sample
The questions are built from the Standard's items and cut to fit the sector. Examples:
- How much revenue did alcoholic drinks bring in, and in which line is it reported?
- From which animal do ingredients such as gelatin in your products come?
- What share of revenue do random rewards sold for money in your games make up?
- What were the opening and closing balances of interest-bearing assets, and in which currencies?
- What is inside the income lines the report does not split?
The full list has twelve questions.
What the checks do not include
- Sağlama issues no religious rulings and no certificates.
- Purification amounts are not computed.
- There is no buy, sell or hold recommendation; this is not investment advice.
Next step
In a 20-minute call, we can go through the examples together.
Contact
To arrange a call, write directly to the founder. One sentence with your institution's name and the service you are interested in is enough.
Savaş TutumluFounderE-mailsavas@saglama.comTelephone+90 533 644 73 73Send an e-mailSağlama has no institutional link with the regulators, standard setters or index providers named on this page. This page is for information only.