The Faculty of Commerce was established during the session 1919-20. A Government Institute of Commerce was established in 1919 and affiliated with the University of the Punjab for issuing a Diploma in Commerce. In 1922, it was recommended that a Bachelor Degree in Commerce should replace the Diploma. On the basis of these recommendations, Hailey College of Commerce was established on 4th March, 1927 after the name of Sir Malcolm Hailey, the then Governor of the Punjab and the Chancellor of the university. Initially a three years B. Com. Degree course was introduced to impart sound and quality education in the field of Commerce in this part of the sub-continent. Later on in 1954, 2-year M.Com Programme was also started. On 26th March 2003, Hailey College of Banking & Finance started its working at the old building of Hailey College at Allama Iqbal Campus to offer degrees of BBA (Hons.) & MBA in Banking Finance and I & RM. On 2nd May 2005, an other department of commerce has been raised at Gujranwala Campus to facilitate the student of Gujranwala and its surrounding areas, taking education at their door step. Inshallah, this year M.Com (Hons.) Program will be started for the B.Com (Hons.) Students.