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 a Bachelor of Commerce (B.Com.) Program was started in 1927. The Institute was named as the Hailey College of Commerce after the name of the then Governor of the Punjab and the Chancellor of the University, Sir Malcolm Hailey, on 4th March 1927. It was for the first time that in this part of Subcontinent a proper and industrial related education in Commerce was started.