IBA Karachi under FIA inquiry — Routine check or something bigger?

FIA inquiry routine compliance exercise was confirmed by the Institute of Business Administration (IBA), Karachi. The institution said it had received an information request from the FIA Corporate Crime Circle under the Anti-Money Laundering Act, 2010. In a statement, IBA assured full cooperation with authorities, stressing that the process is a standard procedure.

The IBA clarified that such notices are issued to other public-sector universities as well. The institute called it a routine compliance exercise that aligns with regular oversight practices.

IBA explained that its governance system is based on strong internal checks and collective decision-making. No individual has sole authority over finances or administration. All approvals are recorded and processed through committees. Financial matters go through several levels of review. These include internal audits, pre-audits, and external audits by reputed firms like BDO and A.F. Ferguson. Government and special audits are also conducted when required.

The institute emphasized that the current request is not unusual. Instead, it is being treated as standard due diligence. IBA highlighted that it has successfully cleared multiple audits in the past decade and a half.

As a leading academic institution, IBA underlined its commitment to transparency, accountability, and corporate social responsibility. It said speculation should be avoided, as it could spread unnecessary doubt. The institute assured stakeholders that verified updates will only be issued through official channels.

With this response, IBA aims to maintain trust among students, parents, alumni, and the public. It reinforced its focus on integrity and responsible management of resources.