Rapid Development of Islamic and its implementation to economic policies has achieved a substantial stage, at least indicated by mushrooming Islamic financial institutions that become a leading sector in the economies of some regions of the world. The shift from risk-shifting attributable to interest rate to various risk-sharing schemes attributed to profit-loss sharing have obtained not only philosophical bases of the Islamic teachings, but also significant acceptance from the people in the world, even in non-Muslim countries. However, question have remained to arise and unresolved with regard to some aspect in particular to the equity or justice and shariah compliance in Islamic banking and finance practice. The access of the unbankable or less-bankable people of the lower income group to banks is the focus of the discussion here. Typically, this lower income groups are served by small-medium micro finance institution, which is wellknown as Islamic microfinance institution, in order to help empowering them. Apart from this, management of zakat is among the issues Islamic financial institution is inevitable ti discuss. This paper is an attempt to answer to the above questions and issues and their application to the economy, with particular reference to the cases in Indonesia.