Under Islamicly's Shariah framework, shares in a listed company may be considered permissible to own and trade when two conditions are met. The underlying business activity and the applicable financial criteria must both satisfy the Shariah screening methodology. That methodology is prescribed by AAOIFI standards and reviewed by Islamicly's globally renowned Shariah Supervisory Board.
Shariah Compliance in Turkey at a Glance
By number of securities
- Shariah-compliant167
- Non-compliant305
By market capitalisation
- Shariah-compliant25.7%
- Non-compliant74.3%
How Islamicly Screens a Stock
Islamicly applies three-level screening to every listed equity, aligned with AAOIFI Shariah Standard No. 21, with a fourth step governing the income that remains. A company must clear all three screens to earn a compliant rating.
| Screen | What It Requires |
|---|---|
| 1 · Business sector | Companies deriving 5% or more of revenue from alcohol, conventional finance, gambling, tobacco, pork, adult content or deferred gold/silver trading are excluded, as defined by AAOIFI and enhanced by the Islamicly Shariah Board. |
| 2 · Debt ratio | Interest-bearing debt must stay below 30% of the 36-month average market capitalisation. |
| 3 · Cash compliance | (Cash + interest-bearing securities) ÷ market value of equity, on a 36-month average, must be below 30%. |
| 4 · Purification | Any residual non-permissible income that was tolerated during the sector compliance check is purified by donating that proportion of dividends to charity. |
Purification applies to dividends, not capital gains.
View Islamicly's full screening criteriaTop 10 Stocks in Turkey by Market Capitalisation
1. Aselsan
Aselsan is Turkey's largest defence electronics company, producing radar, communications, electro-optical and weapon systems, and is majority-owned by the Turkish Armed Forces Foundation. A review of Aselsan's domestic and export sales found no non-permissible business activity, with interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Aselsan is classified Shariah-compliant.
2. QNB Bank
QNB Bank, formerly QNB Finansbank, is one of Turkey's largest private banks and is almost wholly owned by Qatar National Bank. It is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Fail | Fail |
QNB Bank is classified Shariah non-compliant.
3. Enpara Bank
Enpara Bank is a Turkish digital bank created through a partial demerger from QNB Bank, and its shares began trading on Borsa Istanbul's Pre-Market Trading Platform in April 2026. Enpara Bank provides conventional, interest-based retail, commercial and SME banking. The stock therefore fails the business sector screen. It passes debt compliance and cash compliance, but a company must clear all three screens to be classified compliant.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Pass | Pass |
Enpara Bank is classified Shariah non-compliant.
4. Destek Finans Faktoring
Destek Finans Faktoring is an Istanbul-based factoring company that finances businesses' trade receivables. It earns its revenue from conventional factoring, largely factoring interest plus fees and commissions, well above the 5% threshold. The stock therefore fails the business sector screen. It passes debt compliance and cash compliance, but a company must clear all three screens to be classified compliant.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Pass | Pass |
Destek Finans Faktoring is classified Shariah non-compliant.
5. Türkiye Petrol Rafinerileri (Tüpraş)
Tüpraş is Turkey's sole oil refiner and one of its largest industrial companies, operating refineries in İzmit, İzmir, Kırıkkale and Batman, and is controlled by Koç Holding. A review of Tüpraş's refining and electricity revenue found no non-permissible business activity, with interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance. However, its cash and interest-bearing securities exceed 30% of its market value, so it fails cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Fail |
Türkiye Petrol Rafinerileri (Tüpraş) is classified Shariah non-compliant.
6. Koç Holding
Koç Holding is Turkey's largest conglomerate, with interests spanning energy (Tüpraş, Aygaz, Opet), automotive (Ford Otosan, Tofaş), consumer durables (Arçelik) and banking (Yapı Kredi). It consolidates non-permissible revenue from conventional banking, insurance and alcohol, along with interest income, which together are well above 5% of total revenue. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Fail | Fail |
Koç Holding is classified Shariah non-compliant.
7. Türkiye Garanti Bankası (Garanti BBVA)
Garanti BBVA is one of Turkey's largest private banks, controlled by Spain's BBVA, offering retail, commercial and corporate banking. It is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Fail | Fail |
Türkiye Garanti Bankası (Garanti BBVA) is classified Shariah non-compliant.
8. ENKA İnşaat
ENKA is a Turkish engineering and construction contractor with international projects, alongside rental real estate and power generation businesses. A review of ENKA's construction, real estate, energy and trading revenue found no non-permissible business activity, with interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance. However, its cash and interest-bearing securities exceed 30% of its market value, so it fails cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Fail |
ENKA İnşaat is classified Shariah non-compliant.
9. BİM Birleşik Mağazalar
BİM is Turkey's largest discount grocery retailer, operating thousands of hard-discount stores in Turkey and additional stores in Morocco and Egypt. Its revenue comes from retail sales of food and consumer goods, with no non-permissible business activity and no interest income. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
BİM Birleşik Mağazalar is classified Shariah-compliant.
10. Türkiye İş Bankası
Türkiye İş Bankası, founded in 1924 as the country's first national bank, is one of Turkey's largest private lenders. It is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Fail | Fail |
Türkiye İş Bankası is classified Shariah non-compliant.
Compliance Status Is Dynamic, Not Permanent
A company classified compliant today can fail next period if it takes on interest-bearing debt, parks cash in conventional deposits, or changes its revenue mix. Islamicly monitors available information daily, while financial screening is reassessed when updated financial information becomes available. Use the Islamicly app to be alerted the moment a holding changes status.
Sector-Wise Shariah Screening in Turkey
Healthcare has the highest compliance rate (54%), followed by Technology (50%). Financial has the lowest, with only 4 of its 56 securities (7%) classified compliant. Services, the largest sector and home to most of the listed real estate investment trusts, clears 28%.
| Sector | Compliant | Shariah non-compliant | Total | % Compliant |
|---|---|---|---|---|
| Services | 24 | 61 | 85 | 28% |
| Capital Goods | 33 | 39 | 72 | 46% |
| Basic Materials | 26 | 33 | 59 | 44% |
| Financial | 4 | 52 | 56 | 7% |
| Consumer/Non-Cyclical | 19 | 29 | 48 | 40% |
| Technology | 20 | 20 | 40 | 50% |
| Consumer Cyclical | 15 | 25 | 40 | 38% |
| Utilities | 11 | 26 | 37 | 30% |
| Transportation | 6 | 11 | 17 | 35% |
| Healthcare | 7 | 6 | 13 | 54% |
| Energy | 2 | 3 | 5 | 40% |
| Grand Total | 167 | 305 | 472 | 35.4% |
About Islamicly
Islamicly is a Shariah-certified app and web platform for screening Shariah-compliant equities. It provides Shariah compliance information for stocks listed on Borsa Istanbul, and for companies listed across global markets.
Screening is carried out against AAOIFI-based standards and reviewed by Islamicly's Shariah Supervisory Board, chaired by Dr. Mohamed A. Elgari (Saudi Arabia), with Dr. Muhammad Amin Qattan (Kuwait) and Dr. Nazih Hammad (Canada). Every classification published by Islamicly, including those in this report, is produced under that framework.
Check the current Shariah status of any Turkish stock on the Islamicly app or web platform — screen individual stocks, screen an existing portfolio, calculate purification amounts, and get alerted when a holding changes status.
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