The Faculty of Economics UIR was officially opened by the Yayasan Pendidikan Islam (YLPI) Riau Province on July 1, 1981 based on a decree. No. 19/Kep. 1 1978 with the operational activities started on August 22, 1981. Before the Faculty of Economic was established, there was an Academy of Accounting and an Academy of Management Secretary which was basically the initiation of the establishment of the Economics Faculty.

In further development, the Accounting Academy is one of the Study Programs under the Faculty of Economics with name D.III Accounting program, while ASMI was managed by the Faculty of Social and Political Sciences which was renamed to the Secretarial D.III Program.

From 1981 until the early 1985, the Faculty of Economics was located at the old campus on Prof. Yamin Street No. 1 Pekanbaru. Since early 1985, increasing activities and capacity of each department made Faculty of Economics moved to the New Campus in Perhentian Marpoyan Pekanbaru which is now known as JI. Kaharuddin Nasution KM 11 Marpoyan Pekanbaru. The Faculty of Economics has received an operational approval from the government c.q Kopertis Wilayah I Medan based on Decree No. 025/PD/Kop.1/1981 dated August 24, 1981.

On November 2, 1984 the status of the Faculty of Economics was upgraded to Registered based on the Decree. No. 03240/DIKBUD/1984. At 1987 the D.III Accounting program was upgraded from Registered to Recognized status and in 1990 it was raised to Equated Status based on the Decree of the Director General of Higher Education N 044/0/90 dated January 17, 1990.

Based on the evaluation from Kopertis Region I, starting from: June 1990 The status of the Management Study and Development Study program was upgraded from registered to Recognized based on the Decree of the Minister of Education and Culture of the Republic of Indonesia No. 0379/0/1990 and No. 0380/0/194. dated May 31, 1990 which was later upgraded to equalized status based on the decree. Director General of Higher Education No. 441/Dikti/Kep/92 dated October 16, 1992. The Department of Accounting / S1 began to open in 1986.