Singapore Polytechnic has set up a training & research centre to train professionals for the Islamic banking sector. The centre was launched on Wednesday, in association with the Singapore Business Federation and Glohex Groups, a consulting company with expertise in the field of Islamic banking and finance. The global Islamic banking market is estimated to be worth $250 billion and expanding at 15% annually. The new centre will support the industry in Singapore. From the next academic year, students at the polytechnic will have the opportunity to take up Islamic finance elective modules. The centre will train professionals in the areas of Islamic wealth management, investment & SME services, as well as Islamic insurance. It will also serve as a centre for research and innovation to help develop new Islamic finance products.