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A press release, signed by IU information, publication and public relations office deputy registrar Rajibul Islam Kanok, was issued in this regard on Thursday.
IU treasurer Professor M Selim Toha handed the budget over to IU vice-chancellor Professor M Harun-Ur-Rashid Askari.
IU pro-vice-chancellor Professor M Shahinoor Rahman, proctor Professor Paresh Chandra Barman, acting registrar SM Abdul Latif, accounts director Muhammad Siddiq Ullah and among others were present on the occasion.
UGC has also allocated budget to buy three new double-decker buses and budget for Islamic University Laboratory School and College for the first time, the release said.
When contacted, IU VC Professor Rashid Askari said, "I tried my best to ensure transparency and accountability and resolved almost all the audit objections raised by UGC over the years. This increase in the budget has resulted from our fiscal transparency and good governance.”
'We also have contributed remarkably to income generation which has been a boon to the university," the VC said.