Iscuc Library was established in 1962 on the upper floor of the Prince Shoe Company building on Mohammed Ali Road, Mumbai. The library was founded by Haroon B.A., Shaukat Aziz, Mohammad Haroon Hussain, Shabbir Ahmad Hakim, and Shaban Jamai, who envisioned it as a public center for learning and knowledge. In 1965, the library was officially registered and received recognition from the Directorate of Libraries, Government of Maharashtra.

In 1971, the Government of Maharashtra allotted the library its present site opposite ATT High School, where its permanent building now stands. The ground floor of the building houses the Mercantile Bank, while the upper floors are occupied by the library.

The library holds a collection of approximately 6,000 books in Urdu, Hindi, English, and Marathi. It also has a dedicated reading room that is regularly used by students, researchers, and general readers. The library is currently administered by Usman Ghani Iscuc and Abul Hasan Ansari, who oversee its day-to-day management and activities.