Foundation for Higher Education was established in 1994 under the Societies Registration Act, 1860 as a non-profit institution committed to the provision of quality education in Pakistan. IoBM is the first educational institution established by the Foundation.

Following are the members of the Foundation:
  • Mr. Talib Syed Karim, President
  • Mr. Sani Ahmed
  • Dr. Mehtab S. Karim
  • Dr. Musarrat Hasan
  • Mr. Mohsin Furqan
  • Dr. Ahmer S. Karim
  • Mr. Mehboob S. Karim
  • Mr. Nabhan Shah Karim
  • Mr. Talha S. Karim
  • Mr. M. W. Jahangir, Secretary