Islamic insurance legal regulation of takoful issues

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 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 Ibn Abidin (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these funds, which become its property.At the end of the year, a part of the excess funds from the insurance will be withdrawn to the reserve for the following years or distributed among the members based on the procedures of the society's charter, and financial assistance will be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 the kafala (guarantee) contract and the insurance contract. However, takaful is based on the principle of co-operative and the principle of division between the funds and operations of the shareholders, whereby the ownership of the takaful (insurance) fund and operations is transferred to the insured. Muslim jurists conclude that insurance in Islam should be based on the principles of reciprocity and cooperation, including the elements of joint liability, joint indemnity, joint benefit, and solidarity. In takaful, policyholders are co-investors with an insurance seller (takaful operator) who acts as a mudarib - a manager or agent of the business - for the policyholders. Policyholders share in the profits and losses of the investment money. A positive return on the policy is not legally guaranteed, as any fixed benefit guarantee is akin to charging interest and violates the prohibition against usury. For some time, traditional insurance was considered to be non-Sharia-compliant, prohibiting excessive uncertainty in transactions and investing in interest-bearing assets; both are typical factors of traditional insurance business. However, takaful is in accordance with the Shari'ah (principles of compensation and shared responsibility between society) and approved by Muslim scholars. There are now general, health and family (life) takaful plans for Muslim communities. Islamic insurance is regulated on the basis of specific sharia norms: Garrar – an insurance contract has a guarar because if no claim is made, one party (the insurance company) can receive all the profits (the insurance company) received, while the other party (the participant) can receive none of the benefits. The leading Muslim scholar Ibn Taymiyyah explained that "Gharar found in the contract existed because one party benefited and the other party did not."
Garratory prohibition requires that all investment gains and losses be ultimately distributed to avoid excessive uncertainty regarding the return on the insurer's investments. Maysir - Islamic scholars emphasized the interdependence of maysir (gambling) and gharar. Where there are elements of Gharar, there are usually elements of Maysir. When Maysir is available in the insurance contract; the policy holder pays a small premium in the hope of getting a larger sum; in case the insurance event does not occur, the insurer loses the money paid for the insurance premium; If the claims are higher than the amount contributed by the policyholders, the company will have a deficit. Riba - traditional waqf insurance policies that promise a contractually guaranteed payment, thus violating the prohibition of riba. An element of riba is also present in the profits of investments used by traditional insurance companies to pay policyholders' claims. This is because most hedge funds are invested in financial instruments such as bonds and stocks, which may contain elements of ribo. Gambling and insurance are two different and different transactions. Gambling is speculative in its assessment of risk, whereas insurance is pure risk and not speculative.