Borong, a B2B ecommerce platform, has partnered with Maybank Islamic to launch Salaam Market—claimed to be Malaysia’s first-ever digital marketplace for halal-certified products.
This platform is designed to help small and medium-sized enterprises (SMEs) easily access affordable halal goods while offering financial support and certification guidance, all in one place.
It’s a major step forward for local businesses looking to expand their reach both locally and internationally, positioning Malaysia as a leader in the global halal market.
Addressing challenges in the halal industry
The halal market is vast and growing rapidly. By 2030, it’s expected to be worth an impressive US$5 trillion globally, with Malaysia’s domestic market alone estimated to reach US$113.2 billion, it said in a press release today.
However, while opportunities are immense, SMEs in Malaysia and neighbouring countries, such as Indonesia, Cambodia, and Singapore, face significant hurdles.
High ingredient costs, complex certification processes, and limited access to working capital are just some of the challenges hindering their ability to grow. That’s where Salaam Market steps in, offering a seamless solution to these common pain points.
A seamless digital halal marketplace
At its core, Salaam Market is a one-stop digital platform that allows SMEs to source halal-certified products at competitive prices.
By directly connecting businesses with suppliers, the platform cuts down on costs and eliminates the need for middlemen.
One standout feature of the platform is the lack of minimum order requirements, making it easier for smaller businesses to access certified halal ingredients without the burden of large upfront investments. This flexibility is crucial for SMEs, which often operate on tighter budgets.
With Salaam Market, businesses can also access financial services from Maybank Islamic, helping them overcome the financial barriers that have traditionally made it difficult to scale in the halal sector.
Supporting SMEs on their halal journey
Navigating the halal certification process can be daunting for SMEs, especially those aiming to expand internationally.
Salaam Market integrates in-house halal certification guidance, simplifying the process and ensuring compliance with Malaysia’s JAKIM halal standards—which are internationally recognised.
Beyond certification, the platform offers digital document management tools to make accessing halal markets—both locally and abroad—much more manageable.
“Not only [does] Salaam Market align with the country’s goal to become a global leader in halal compliance,” said Aizat Rahim, Managing Director and co-founder of Borong, “We also worked hard to ensure it addressed the key challenges for SMEs, which are affordability, financing, and certification, through the support of Maybank Islamic’s financing solutions while also being supported by JAKIM’s halal certification.”
As the global demand for halal products continues to rise, this collaboration ensures that Malaysia remains at the forefront of the industry, driving local businesses to new heights and enabling them to expand their reach across international borders.
- Read other articles we’ve written about Malaysian startups here.
Featured Image Credit: Borong and Maybank