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Ariq Ananta Wiguna
Ariq Ananta Wiguna Mohon Tunggu... Penulis - Technocracy

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Unveiling The Key Differences: Capital Asset Pricing Model and Sharia Asset Pricing Model

2 Juni 2024   22:56 Diperbarui: 2 Juni 2024   23:19 78
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Differences Between Capital Asset Pricing Model (CAPM) and Sharia Asset Pricing Model (SAPM)

1. Foundational Principles
CAPM; Based on conventional finance principles, Assumes all investors are rational and markets are efficient, and uses traditional financial metrics and instruments.

SAPM; Based on Islamic finance principles, Adheres to Sharia law, avoiding riba (interest), gharar (excessive uncertainty), and maysir (gambling), and uses Sharia-compliant financial instruments and metrics.

2. Risk-Free Rate
CAPM; The risk-free rate is typically represented by government bonds, which pay interest.

Example: U.S. Treasury bonds or Indonesian government bonds.

SAPM; The risk-free rate is derived from Sharia-compliant instruments like sukuk (Islamic bonds), which do not pay interest but generate returns through profit-sharing agreements.

Example: Sukuk issued by Islamic financial institutions or governments.

3. Market Portfolio
CAPM; The market portfolio includes all available assets in the market, regardless of their nature.
Uses broad market indices like the S&P 500 or IDX Composite.

SAPM; The market portfolio consists only of Sharia-compliant assets.
Uses Sharia-compliant indices like the IDX Sharia Growth index or Dow Jones Islamic Market Index.

4. Beta 
CAPM; Beta measures an asset's volatility relative to the overall market portfolio, which includes all types of assets.
Reflects systematic risk that cannot be diversified away.

SAPM; Beta measures an asset's volatility relative to the Sharia-compliant market portfolio.
Takes into account the unique risk characteristics of Sharia-compliant assets.

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