The university was established in 1998 as the "Asian Management Institute" with a focus on providing quality education in management sciences. It was founded by Dr. Wasim Qazi, who served as the founding president of the university until 2019.

In 2002, the university was granted a charter by the Government of Sindh, which authorized it to award degrees in various disciplines. The name of the institution was changed to Iqra University at this time.

The Iqra University Karachi main campus was inaugurated in 2004. The campus is spread over 21 acres of land and has state-of-the-art facilities, including a library, computer labs, science labs, auditoriums, and sports facilities.

Over the years, Iqra University Karachi's main campus has expanded its academic programs to include disciplines such as engineering, social sciences, media and communication, fashion design, and architecture.

The university has also established several research centers and institutes, such as the Iqra Institute of Technology, the Iqra Institute of Media Studies, and the Iqra Institute of Business and Technology.

Iqra University Karachi's main campus has a student body of over 15,000 students, and the faculty consists of more than 500 qualified professors and scholars.

In addition to academic programs, the university also offers a range of extracurricular activities, including sports, cultural events, and student clubs and societies.

Overall, the Iqra University Karachi main campus has established itself as a leading institution of higher education in Pakistan, known for its academic excellence, innovative programs, and state-of-the-art facilities.