While the Islamic finance market was once a local affair, deeply rooted in the Persian Gulf, now even Europe is getting in on the act.

FORBES: Contenders For The Crown

European stock and derivatives exchanges saw themselves in competition with each other, as did their host cities and countries: finance was deemed a growth industry, and slogans abounded as governments saw a local stock or futures market as a way to create high-paying jobs and ample tax revenues.

ECONOMIST: All our futures | The