We consider the formation of finite-size domains in lipid bilayers consisting of saturated and hybrid lipids. First, we describe a monolayer model that includes a coupling between a compositional scalar field and a two-dimensional vectorial order parameter. Such a coupling yields an effective two-dimensional microemulsion free energy for the lipid monolayer, and its characteristic length of compositional modulations can be considered as the origin of finite-size domains in biological membranes. Next, we consider a coupled bilayer composed of two modulated monolayers and discuss the static and dynamic properties of concentration fluctuations above the transition temperature. We also investigate the micro-phase separation below the transition temperature and compare the micro-phase separated structures with statics and dynamics of concentration fluctuations above the transition.