What a sukuk actually is
A sukuk is a certificate of ownership in an underlying asset or pool of assets. The holder is entitled to a share of the asset's returns, not to interest on a loan.
How risk shifts
Because investors own the underlying, credit risk becomes performance-of-asset risk. Structuring — ijara, wakala, mudaraba — dictates whether returns are lease payments, fees or profit shares.
What to check on the fact sheet
Look for the sukuk structure, the originator/obligor, the rating, and how the fund handles secondary-market pricing when trading below par.