Best scientific research 2022

LITERATURE ANALYSIS AND METHODS 
In the process of covering this article, the methods of logicality, historicity, 
consistency and objectivity of scientific knowledge were widely used. In this article, the 
constructive steps reflecting the priority tasks of introducing takoful as a new financial 
instrument based on foreign experience have been developed; taking into account its 
genesis, conceptual principles, and typology, the economic category of "takoful" is proposed 
to define this instrument as a separate type of security, unlike ordinary shares and bonds; 
the positive effect of takoful development on the economy is based on the provision of 
competition between financial sectors and the transformation of unused savings into 
investment; by revealing the features of the existence of risk, interest in the profit generated 
as a result of activity, and the superiority of the interest of the majority over the interest of 
one person, it is proposed to use the instrument of takaful in Uzbekistan based on the 
principles of musharak, mudaraba,murobakha, salam, exception and lease agreements. 
DISCUSSION AND RESULTS 
Insurance is one of the most important elements of the country's financial system. 
Nowadays, the traditional insurance system that exists in many countries, including our 

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BEST SCIENTIFIC
RESEARCH - 2022 
79 
country, contains the elements of ribo (interest), garar (uncertainty), and maysir (gambling), 
which does not correspond to the religious beliefs of Muslims. . It is difficult to pinpoint the 
exact origin of insurance in Islam. However, today, based on the nature of the insurance 
contract, it can be said that insurance operations were practiced since the time of the Holy 
Prophet Muhammad (PBUH). In the Muslim world, insurance gradually developed in the 
nineteenth century. The Hanafi jurist IbnAbidin (1784-1836) was the first to put forward the 
meaning and concept of insurance.A special insurance fund is created for the correct 
implementation of takaful. According to the pre-announced procedure, the members of the 
fund contribute insurance contributions to the fund as a donation, and the fund covers the 
agreed losses of its members from these funds, which become its property.At the end of the 
year, a part of the excess funds from the insurance will be withdrawn to the reserve for the 
following years or distributed among the members based on the procedures of the society's 
charter, and financial assistance will be provided to the needy from the balance of the fund 
created in the form of a waqf. possible All human activities are at risk of loss due to 
unforeseen events. 
To ease this burden on individuals, what we now call insurance has existed since at 
least 215 BC. This concept has been used in various forms for more than 1400 years. It 
comes from the Arabic word "kafala" which means "to guarantee each other" or "joint 
guarantee". The concept is consistent with the principles of compensation and sharing of 
responsibility between society.
Takaful originated in ancient Arab tribes as a collective liability that obliges those who 
commit crimes against other tribes to compensate the victims or their heirs. This principle 
later extended to many aspects of life, including seafaring, where participants contributed to 
a fund to compensate anyone who had an accident on the group's sea voyages. In modern 
traditional insurance, the insurance seller (insurance company) sells policies and invests the 
proceeds for the benefit of its shareholders. Thus, there is a clear distinction between 
insurers and shareholders. Payments to insurers may vary depending on financial 
performance, but a minimum positive return is always contractually guaranteed.akoful is 
commonly referred to as Islamic insurance. This is due to the apparent similarity between 

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