( CNN ) -- Mention Morocco and most would first think of the exotic markets of Marrakech , the desert dotted with ancient kasbahs and , of course , the classic 1942 wartime film `` Casablanca . '' But Casablanca , the main port city of Morocco , is among the places being tipped by experts as emerging future global financial centers . As the gateway between Europe and Africa , Casablanca aims to take advantage of its geographical position and also act as a hub for North , West and Central Africa , said Hicham Zegrary , director of operations and institutional affairs at the Casablanca Finance City Authority ( CFCA ) . The CFCA is working hard to position Casablanca as an international financial center , he said , by building its technology infrastructure and improving the legal environment in which business is done . Zegrary added that due to Morocco 's many partners throughout Europe , North America and Asia , for investors `` it is easier to do business with African countries from Morocco . '' Since its inception four years ago , the CFCA says it has attracted over 50 companies including BNP Paribas , AIG , Clifford Chance , Silk Invest and Boston Consulting Group to name a few . While Casablanca 's ranking is still relatively low overall ( 62 out of 83 ) in a recent Global Financial Center Index report , it 's significant that it debuted on the list and it signals a larger growth in the region . What 's more , GFCI asked international financial services professionals which cities they believed will likely become more significant in the next few years : Casablanca was the name that came up most . `` They 're putting a lot of work into it there , '' said Mark Yeandle , associate director of Z/Yen Group , the company who published the GFCI report earlier this year on global financial centers . `` They have a sensible budget and a good team , '' he added . Casablanca is building its infrastructure and rebranding itself as a hub for financial services needed in Morocco , Tunis , and even further away in Lagos , Nigeria . `` It ( Casablanca ) will be as good as any , '' said Yeandle . Another newcomer and fairly unknown city is Busan , South Korea , which has traditionally operated in Seoul 's shadow . It ranks 27th on the GFCI report , just behind number 26 Qatar . But it ranks second only to Casablanca as a place tipped by finance professionals as likely become more significant . Busan has the fifth busiest port in the world , not to mention the largest department store in the world , despite the fact that many people have never even heard of it . `` Busan are putting a great deal of money and promotional activity behind their growth as a financial center , '' said Yeandle . `` They are building a dedicated area for the center and are publicizing their focus on maritime finance and derivatives trading . '' Read this : How to start your own currency . For different reasons , another Asian future contender is Kuala Lumpur , Malaysia . While operating relatively quietly in comparison to its southern neighbor Singapore , what sets Kuala Lumpur apart from others , says Saif Malik , managing director and head of corporate and institutional clients for Standard Chartered Bank Malaysia , is that it 's quickly becoming a leading financial center for Islamic banking , which operates with a different set of rules to traditional banking . `` There is clearly a plan , '' said Malik . `` It 's not an overnight journey , but the Malaysians have realized to compete with Singapore and other long-established financial centers , they have the niche in Islamic banking . '' Islamic finance has seen recent growth two to three times faster than conventional banks , according to Ernst and Young in its World Islamic Banking Competitiveness Report . The global financial crisis and strong economic growth in countries with a large Muslim population are both reasons for such progress . Unlike neighboring Jakarta , Indonesia , Kuala Lumpur stands out as having a more stable political and economic environment . Malik says the Malaysian government has made great efforts to attract a skilled workforce while at the same time working in a trusted legal environment originating from the British legal system . In the 10 years to 2015 , it is projected that the Malaysian banking industry will have an annual growth rate of approximately 9 % , said Malik , and the government has stepped up with various initiatives to promote foreign direct investments into the country , including the InvestKL program which aims to attract talent and build Kuala Lumpur into a global city . While the Middle East continues to grow , particularly Qatar and Dubai , so do cities in China , especially if mainland China 's ongoing currency issues around the Renminbi become open and transparent , said Yeandle . `` The wealth there has to go somewhere . It 's almost inevitable , '' he said , mentioning Shenzhen , Dalian , Shanghai and Beijing , as current and future financial hubs . In Latin America , massive growth is happening too , according to the GFCI report . Buenos Aires , Argentina , takes the clear lead , jumping 21 places to become 25th on the list despite the economic and political uncertainty in the country . Yeandle says that though Buenos Aires is unpredictable , `` the long-term trend will probably be upward . '' While the same ca n't be said for many continental European cities . Rome , for example , saw the biggest drop on the GFCI list , falling 19 places to number 54 . Paris , Milan , Madrid and Athens , have all seen enormous dips in their rankings since the decline of the Eurozone . Luxembourg , however , is holding strong and tipped to grow due to more lenient tax schemes attractive to companies , said Yeandle , and Zurich continues its reign as a financial hub thanks to its independence from the Eurozone . But one point overall , says Yeandle , despite any newcomers on the rise , there are certain ingredients which make cities successful in the rankings and will continue to do so . `` If you look at the ( current ) top four ( New York , London , Hong Kong and Singapore ) , they are all very cosmopolitan , welcoming to foreigners , they attract talented expats and they are successful cities and attractive cities , '' he said . Perhaps a note for all cities hoping to climb in the ranks of future financial hubs : `` You have to be a successful city in order to be a successful financial center , '' said Yeandle . Read this : How to start your own currency .
Experts see cities including Casablanca and Dubai as emerging financial hubs . The current crisis in Asia means there is massive opportunity there . Europe struggles while East Asia and the Middle East bounce ahead .