PAF Karachi Institute of Economics and Technology (KIET) was established in 1997. KIET received recognition by the Higher Education Commission (formerly named UGC) vide letter no dated 1 August 1998. HEC ranks KIET as 8th best university in Business/IT category.

KIET was awarded a degree-granting status through a charter from the government of Sindh on 24 May 2000. KIET has also been granted NCEAC Accrediation for its BSCS, MCS program.