Maybank Islamic And Borong Join Forces To Launch Malaysia's First B2B Halal Marketplace
This platform simplifies the process for small and medium-sized businesses to find and purchase halal products at a reasonable price.
By Syazwan Bahri — 24 Oct 2024, 03:39 PM
Borong, a major player in Malaysia's online wholesale market, has partnered with Maybank Islamic to launch Salaam Market, a first-of-its-kind digital platform dedicated to halal products
This initiative aims to strengthen Malaysia's position as a global leader in the halal industry.
Salaam Market is designed to help small and medium-sized businesses (SMEs) overcome the hurdles they often face in the halal market. It provides support with halal certification, offers financial services, and simplifies the process of sourcing halal-certified products. This makes it easier for SMEs in Malaysia, Indonesia, Cambodia, and Singapore to participate in the halal economy and expand their businesses internationally.
The platform also allows SMEs to purchase halal products at competitive prices without minimum order requirements, helping them reduce costs and streamline their operations
This is particularly important given the projected growth of the global halal market, which is estimated to reach USD5 trillion (RM21 trillion) by 2030. Despite this potential, SMEs often struggle with high costs, complex certification processes, and limited access to funding. Salaam Market aims to address these challenges and empower SMEs to thrive in the halal sector.
Borong's managing director, Aizat Rahim, emphasised that Salaam Market tackles major obstacles faced by SMEs in the halal sector, such as affordability and access to financing
From left to right: Maybank Islamic Head of Halal Ecosystem, Adnan Sharif; Maybank Islamic Strategic Programme Director, Dr Muhd Ramadhan Fitri Ellias; Borong Managing Director & Co-founder, Aizat Rahim; and Borong Product Marketing Lead, Ervin Chai.
Image via Borong (Provided to SAYS)This is achieved through collaboration with Maybank Islamic, which provides specialised financial solutions, and support from the Malaysian Islamic Development Department (JAKIM) for halal certification.
The partnership with Maybank Islamic is key to connecting SMEs with Islamic financing options and digital tools that streamline business operations. This helps them better access both local and international halal markets.
Dr Muhd Ramadhan Fitri Ellias, Maybank Islamic's Strategic Programme Director, highlighted that Salaam Market simplifies online business transactions and guarantees the authenticity of halal products sold on the platform. This aligns with Malaysia's goal of expanding its domestic halal market to an estimated USD113.2 billion (RM492.6 billion) by 2030.
