Malaysia’s first wholesale halal marketplace, Salaam Market targets to onboard 10,000 micro, small and medium enterprises (MSMEs) by 2025.
A business-to-business (B2B) e-commerce software and platform aggregator, Macro Tech Ventures Sdn Bhd – also known as Borong – inaugurated Salaam Market with Maybank Islamic at the Penang International Halal Expo 2024 in the presence of Prime Minister Datuk Seri Anwar.
In a statement, Salaam Market said the platform solidifies the strategic partnership between Borong and Maybank Islamic, constituting an integral part in advancing Malaysia’s halal industry to grow an estimated US$113.2 billion by 2030.
“The platform is a major step forward for local businesses looking to expand their reach both locally and regionally, positioning Malaysia as a leader in the global halal market,” it said.
Borong co-founder Aizat Rahim said Salaam Market addresses key challenges faced by halal industry players, including affordability and accessibility, by partnering with Maybank Islamic for financing solutions and leveraging on the support of the Department of Islamic Development Malaysia’s (JAKIM) for halal certification.
At the same time, Maybank Islamic’s strategic programme director Muhd Ramadhan Fitri Ellias said that Salaam Market is one of the bank’s ‘beyond banking’ propositions supporting the needs of local MSMEs to complete the halal ecosystem.
“Halal industry players can grow their businesses through seamless financing and in-house halal facilitation guidance,” he added.
To reward emerging businesses, Salaam Market is currently offering a limited-time discount of RM100 with a minimum spend of RM250 for all purchases made until 1 January 2025.
Meanwhile, women entrepreneurs are still facing challenges in obtaining halal certification for their products, which tends to hinder them from further growing their business and extending the reach for customers. This limitation requires specific initiatives to empower their growth and achieve their full entrepreneurial potential.
Despite that, the Ministry of Entrepreneur and Cooperatives Development (MECD) announced that a total of RM2.57 billion were allocated to 272,242 women entrepreneurs under the Amanah Ikhtiar Malaysia (AIM) as of November 2024.
The ministry said that among the programmes implemented for women entrepreneurs is the TEKUN-Wanita Financing Scheme for 3,258 women entrepreneurs with an allocation of RM28 million.
MECD also implemented the BRPlus – i BizLady programme by Bank Rakyat which has channeled funding of RM30.9 million to 489 women entrepreneurs.
Additionally, the Successful Women Entrepreneurship Engagement Talent (SWEET) programme under the Be Your Own Boss (BYOB) project by PERNAS has involved 60 women entrepreneurs in the franchise industry with approved funding of RM9.2 million.
“For the year 2024, SME Corp – through the BizME programme – has collaborated with two implementing partners which are companies in the field of postnatal massage and nail care involving allocations amounting to RM499,184, benefitting 121 female participants.
“This BizME programme will continue to be implemented in 2025 with an allocation of RM6 million involving a target of 630 micro-enterprises,” it said.
