摘要：This paper develops a benchmark return based on real sector for the Malaysian economy. In the modern financial system, the benchmark return, henceforth referred to as reference rate, such as interbank lending rate, overnight policy rate and sovereign debt rate, is used in investment decision and monetary policy tool. With the development of Islamic financial system, there is a consensus among Islamic finance and economic scholars that such reference rate obtained in non-Islamic financial system is inappropriate from the Islamic perspective. Many agree that such reference rate should be derived from the real sector of economy. In the conventional financial system, the financial market dominates the role of real sector, in such a way that pricing benchmark is based on the financial market variables rather than those of real sector. Because the financial market is highly related to the problem of using fiat money, the pricing of asset does not reflect the intrinsic value of the asset. Thus, this study proposes nominal GDP growth rate as an alternative measure of reference rate for Malaysia which is representative of the real sectors of the economy.
关键词：Asset pricing; reference rate; money supply; Islamic finance and economics
