Takaful Outsource is founded by Dawud Abdus-Saboor and Mukhtisjah Ramli.
Dawud is an Associate of the U.S. based Society of Actuaries and has been a member of the American Academy of Actuaries, with nearly thirty years of professional actuarial experience in the field of pensions, life insurance, health insurance, and family Takaful (Islamic life insurance).
After obtaining a Bachelor of Science degree in mathematics from Howard University in Washington, D.C., and returning to his native city of Philadelphia, Pennsylvania, Dawud began his professional life as a secondary school mathematics teacher before deciding to become an actuary. With the ambition to become an actuary, Dawud resigned from his teaching position and quickly landed a job as an actuarial analyst in the pensions field at the internationally renowned firm of Towers, Perrin, Forster and Crosby (now known as Towers Watson), followed by a stint, also in the field of pensions, at a brokerage firm, Fred S. James, Inc. Climbing the actuarial ladder of success led Dawud to the field of life insurance where he spent eight years at Colonial Penn Group and while there he completed the examination requirements for admission to the Society of Actuaries as an Associate.
As someone always looking for new challenges, Dawud transitioned into the field of health insurance, particularly managed health care, where he eventually became the director of actuarial services for a Health Maintenance Organization, Health Partners, Inc.
With a developed interest in the growing field Islamic Financial Services and having participated as a volunteer co-founder of a “no-interest” Credit Union, Dawud was recruited from the U.S. to continue his actuarial career in the field of Takaful at Bank Aljazira, Takaful Ta’awuni Division, Kingdom of Saudi Arabia.
After nine years at Bank Aljazira, the trail blazing pioneering company that introduced Takaful to Saudi Arabia, Dawud resigned as the Head of the Actuarial Services Department to co-found Takaful Outsource, Ltd wherein, for the benefit of his clients and the Takaful industry at large, he’s able to leverage his years of expertise which cover a wide spectrum of actuarial responsibilities including data collection for statistical analysis, experience studies, illustrations, product design and pricing, actuarial valuations, financial forecasting, reserving and reserve estimations, reinsurance/retakaful treaty negotiations, and financial reporting. An important footnote to acknowledge as a testament to his work ethic during the span of his actuarial career is that Dawud also found the time to develop a secondary career as a high school mathematics instructor and private tutor.
Muktisjah is a Certified Pension Advisor, Bachelor in Pensions and Life Assurance. He has studied Business Administration at the Erasmus University Rotterdam, The Netherlands, and is a Fellow at Life Management Institute (FLMI) of the Life Office Management Association (LOMA). He has also received basic actuarial and investment training. He has also written articles on Islamic finance and takaful and was invited to be a speaker and moderator at Islamic finance and takaful conferences and seminars.
He started in 1996 with an internship at KPMG Management Consulting in Jakarta, Indonesia and later on since 1998 he has worked for more than 8 years at Swiss Life in The Netherlands in the field of client relations, pension administration, takaful research, where he was the initiator and responsible for the development of takaful for Swiss Life in Europe. From 2002, he was also the Chairman of Islamic Commerce (Islamic Commerce VOF and Islamic Commerce Ltd), involved in research and development of Islamic Finance in The Netherlands. Since 2006 until 2013 he joined Bank Al Jazira – Takaful Ta’awuni Division in Jeddah, Saudi Arabia, initially as Corporate Business Development Manager, where he was responsible for group sales and product development of the group products.
Later on in 2010 he became the Head Product Research and Development as Senior Manager, heading Product Development of the unit-linked and protection only products for retail and corporate customers and was also involved in market research. For the spin-off company Aljazira Takaful he was responsible for the product submission and getting the regulatory approval of the new retail and corporate takaful products including providing the marketing text for the brochures and coordination with legal experts, actuarial firm, investment firm, retakaful providers, IT system provider and Sharia consultant. Currently as co-founder and partner he is holding position as Director at Takaful Outsource Ltd.