Important as the mainstream Islamic financial institutions, the Islamic non-banking financial institutions (NBFIs) complement the role of providing for the development of socioeconomics. The Islamic NBFIs served various prospects that cover multiple responsibilities such as microfinancing, charity, zakat, endowment, pension funds, venture capitals and etc. The increasing demand for financial assistance via innovative avenues provides advantages for Muslims to fulfil their developmental needs. This report attempts to describe the Islamic NBFIs in Malaysia and Indonesia. So much as the growth of Islamic finance in both countries, the development of these institutions in Malaysia is due to the governments' initiatives (top-down) while in Indonesia it is mostly due to the society’s demand (bottom-up) to cater to their livelihood. The Malaysian case has not separated the Islamic and non-Islamic NBFIs as they work alongside together, in contrast to Indonesia which specifically differentiates the Islamic NBFIs. The landscape of NBFIs in both countries is different in size of the institutions, complexity, maturity, regulatory, and also supervisory framework. This report provides valuable information pertaining to various sectors in the industry from both countries.