Thank you for the information.
As I imagine a table of characteristics of a bond and Sukuk, using the information you provided, they appear identical just with different words representing the same characteristic of the bond. If both are secured by the asset, and payment default results in liquidation are not both, in essence, guaranteeing payment? Under what circumstance of default of payment would things be different - the Sukkuk would have to have a clause saying the default of payment is not grounds for recourse.
Common equity dividend is explicit in that it says the dividend is non-cumulative, in the Sukkuk this is not the case (at least I could not find it), the obligation to pay is contracted, and although not written as guaranteed, if not paid the bond is in default and recourse occurs.
What am I missing? Here is a secured bond for comparison. https://www.sec.gov/Archives/edgar/data/1456381/000121390016012433/f424b3041316_gwglbonds.htm
As a matter of clarity, Sukuk is a generic term for bond equivalent, there are multiple products that constitute a Sukuk. If you have a look at the link I provided this is a Murabaha contract.