This article aims to shed light on the differences in yield rate between conventional bond and sukuk in the Malaysian market. We find that the historical yield rates for the government-issued sukuk is significantly higher than the conventional bond. Conversely, there is a slight yield spread discount between the corporate-issued sukuk and bonds for all rating classes. We conclude that liquidity factor can mainly explain the positive yield spread on the government-issued sukuk. We also illustrate the effect of tax and expenses on asset pricing, which may contribute to the yield spread discount for corporate issuance.

JEL Classification: E43, G12, G13

中文翻译：

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探索马来西亚的回教债券与传统债券之间的收益率差额

本文旨在阐明马来西亚市场传统债券与伊斯兰债券之间的收益率差异。我们发现，政府发行的回教债券的历史收益率显着高于传统债券。相反，对于所有评级类别，公司发行的回教债券与债券之间的收益率差价折扣较小。我们得出结论，流动性因素可以主要解释政府发行的回教债券的正收益率差。我们还说明了税收和支出对资产定价的影响，这可能有助于公司发行的收益率利差折扣。

JEL分类： E43，G12，G13