Malaysia’s Salaam Market Targets Onboarding 10,000 MSMEs by 2025

Salaam Market, Malaysia’s first wholesale halal marketplace, is set to revolutionize the halal business landscape. With an ambitious target to onboard 10,000 micro, small, and medium enterprises (MSMEs) by 2025, this initiative aims to position Malaysia as a global leader in the halal economy. Backed by strategic partnerships with Macro Tech Ventures Sdn Bhd (Borong) and Maybank Islamic, Salaam Market offers a seamless pathway for MSMEs to access broader markets, leverage financial support, and gain vital halal certifications.

Related: |Borong and Maybank Launch Malaysia’s First B2B Halal Marketplace

The Launch of Salaam Market

The official launch of Salaam Market took place at the Penang International Halal Expo 2024, a high-profile event graced by Malaysia’s Prime Minister, Datuk Seri Anwar Ibrahim. This event marked a significant milestone for Malaysia’s halal industry, showcasing the country’s commitment to supporting local MSMEs and boosting its share of the global halal economy.

Macro Tech Ventures Sdn Bhd, known as Borong, is a business-to-business (B2B) e-commerce software and platform aggregator. The company’s vision aligns perfectly with Salaam Market’s goal of connecting halal industry players with global markets. Maybank Islamic, one of Malaysia’s leading financial institutions, plays a crucial role by providing financial support and guidance to MSMEs.

Salaam Market’s goal to onboard 10,000 MSMEs by 2025 is more than just a numeric target—it’s a strategic effort to strengthen Malaysia’s position as a leader in the global halal industry. By integrating MSMEs into a unified halal marketplace, Salaam Market seeks to drive domestic economic growth, create employment opportunities, and increase Malaysia’s export capacity for halal products.

The halal economy is rapidly growing worldwide. According to the latest Global Islamic Economy Report, the halal market is projected to reach $4.96 trillion by 2030. By capturing a significant share of this market, Malaysia can unlock new economic potential, with Salaam Market at the center of this movement.

Key Challenges in the Halal Industry

For many MSMEs, entering the halal market comes with significant challenges, including high certification costs, complex documentation, and limited access to financing. Salaam Market aims to address these hurdles by offering a comprehensive, end-to-end solution.

1. Access to Financing: In collaboration with Maybank Islamic, Salaam Market provides financial solutions that enable MSMEs to access essential capital. This “beyond banking” initiative offers financing options to help MSMEs cover operational costs, production expenses, and certification fees.

2. Halal Certification Support: Gaining halal certification is often a costly and time-consuming process. To simplify this, Salaam Market leverages support from Malaysia’s Department of Islamic Development (Jakim). By providing MSMEs with step-by-step guidance, Salaam Market enables local businesses to achieve certification faster and at a lower cost.

3. Affordable Market Access: Salaam Market creates a digital marketplace that reduces the overhead costs typically associated with traditional retail models. MSMEs can list their products on the platform, gain visibility, and access new customer segments, both domestically and internationally.

How Salaam Market Empowers MSMEs

With its focus on affordability, accessibility, and support, Salaam Market empowers MSMEs in several key ways:

• Digital Presence: By joining Salaam Market, MSMEs gain an online presence, allowing them to connect with customers from Malaysia, Southeast Asia, and other international markets. This expanded reach helps businesses scale up rapidly.

• Operational Efficiency: The platform’s digital tools streamline essential processes like order management, payment processing, and customer support. This efficiency reduces operational burdens on MSMEs.

• Growth Incentives: To encourage participation, Salaam Market is offering a limited-time discount of RM100 for every purchase of RM250 or more made before January 1, 2025. This initiative incentivizes businesses to join the platform and start transacting.

Partnerships Driving the Halal Ecosystem

The success of Salaam Market is rooted in its partnerships. The collaboration between Borong, Maybank Islamic, and Jakim forms the foundation for a holistic halal ecosystem that addresses financing, certification, and trade.

1. Macro Tech Ventures (Borong): As a technology provider, Borong’s B2B e-commerce platform facilitates smooth transactions, secure payments, and supply chain management, allowing MSMEs to conduct business efficiently.

2. Maybank Islamic: As one of Malaysia’s leading Islamic banks, Maybank Islamic’s support extends beyond traditional banking. Their financial inclusion strategy ensures MSMEs have access to loans, grants, and advisory services.

3. Jakim (Department of Islamic Development Malaysia): Jakim plays a vital role in ensuring the integrity and authenticity of halal certification. Salaam Market’s partnership with Jakim provides businesses with faster and more cost-effective certification pathways.

A Game Changer for Malaysia

The global halal market is growing at an unprecedented pace. Consumers worldwide are prioritizing halal-certified food, cosmetics, and pharmaceuticals, boosting demand for ethical, traceable, and high-quality products. By supporting the development of Salaam Market, Malaysia is not only empowering its local MSMEs but also solidifying its role as a key player in the $4.96 trillion halal economy.

Here’s why Malaysia’s halal industry is so crucial:

• Job Creation: The expansion of the halal industry opens up new job opportunities for local communities, particularly in logistics, manufacturing, quality assurance, and product development.

• Export Opportunities: As Malaysia’s MSMEs gain halal certification, they can access lucrative export markets in the Middle East, Europe, and North America.

• Revenue Growth: By increasing the number of halal-certified products and streamlining trade, Malaysia can boost its GDP significantly over the next decade.

As Salaam Market continues to onboard MSMEs, the platform is set to become the driving force behind Malaysia’s halal industry expansion. By 2025, the platform aims to connect 10,000 MSMEs with international markets, helping them become key exporters of halal products.

To achieve this, Salaam Market is likely to invest in additional technology solutions, including predictive analytics, e-commerce AI, and blockchain traceability tools to ensure product authenticity. The inclusion of AI-driven tools will further streamline supply chains, increase transparency, and reduce operational costs.

Additionally, the global demand for sustainable and ethically sourced products is on the rise. Salaam Market’s commitment to halal integrity and ethical sourcing could position it as a trusted partner for international buyers seeking high-quality halal products.

Salaam Market is more than just a marketplace; it’s a catalyst for change within Malaysia’s halal industry. By aiming to onboard 10,000 MSMEs by 2025, Salaam Market is driving growth, fostering innovation, and positioning Malaysia as a global leader in the halal economy. With strong support from Borong, Maybank Islamic, and Jakim, the platform offers a comprehensive solution that addresses the key challenges faced by MSMEs.

This initiative is poised to redefine Malaysia’s halal landscape, creating economic opportunities, enhancing market access, and elevating the country’s global standing. As the world’s demand for halal products surges, Malaysia’s strategic push through Salaam Market ensures that it remains at the forefront of the global halal economy.