The Millennium Institute of Management was founded in the year 2000 by the Chairman of the Maulana Azad Educational Trust, the Late Dr Rafiq Zakaria, an educationist, politician, scholar and author of international repute. Dr Zakaria, the Architect of modern Aurangabad, a well-known philosopher and pioneer of the Industrial area in Aurangabad, established the Millennium Institute of Management to provide quality education in Management Science to the people of Aurangabad.

The Institute aims to provide equal opportunities in higher education to students, and prepare them to make a meaningful contribution in an increasingly complex global society.

Since its inception, the Institute has generated a number of effective managers and good businessmen who have been successful in creating a positive impact in India's business fields, and are ethically and morally sound decision makers.