"The future for Islamic banking and finance in Asia looks bright and continued support by government authorities should ensure this future is grounded in strong, sensible regulation," said Financial Insights analyst Abhishek Kumar.
He noted, however, that the industry's growth in recent years has occurred during a period of economic expansion, and there are concerns over how it would perform during a major financial crisis.
"How the system handles a major financial crisis or recession will be the true test of its sustainability," Kumar said.
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Conventional banking systems in several Asian countries crumbled during a financial crisis in 1997, exposing the industry's weaknesses and excesses. They have since recovered.
Islamic financial