Iqra’a University, formerly known as the International College of Business & Management (ICBM), was established in 2002 by the Islamic Zakat Fund. Since its inception, the institution has trained over 4,500 graduates through internationally recognized programmes accredited by ICAM, ABE, IOBM, and ABMA. Ownership and management of the institution were transferred to Bilal Charity Trust in 2008. Under the Trust’s leadership, the institution expanded educational access through bursary initiatives and adopted a strategic vision of transforming into a fully-fledged university. In 2019, the institution received provisional registration from the National Council for Higher Education (NCHE), followed by full registration on 30 September 2021. In October 2025, the Government of Malawi officially approved the transition from ICBM to Iqra’a University, marking its evolution into a recognized university with an expanded academic mandate.

In April 2026, the university attained full accreditation for its six undergraduate programmes, further strengthening its status within Malawi’s higher education sector. The university is owned and operated by Bilal Charity Trust.