Íþróttafélag Stúdenta

Soon after its foundation, the club started with general gymnastics and wrestling exercises for students of the University of Iceland. The first chairman of the club was Þorgrímur V. Sigurðsson. The club thrived for the first few semesters and sent wrestlers to exhibitions competition at the international student sports tournament in Germany in 1929.

In the 1940s, the club hosted regular football matches with students from Menntaskólinn í Reykjavík, and in 1940 ÍS participated in the first Icelandic handball tournament. In those years, however, the name of the club was somewhat erratic and it was often called the University Sports Club or similar names.

Around 1940, the future of the club seemed bright. Alexander Jóhannesson, Rector of the University, was very interested in increasing the importance of sports within the university. There was talk of making sports a compulsory subject and that the school would nurture high-achieving athletes, as was the custom in American universities. Drawings were made for a sports hall for the school, which had become by far the largest in the country, as well as a swimming pool. Eventually, however, a much smaller gymnasium was built on the school grounds, and sports never made it to the curriculum.[2][3]

ÍS was for years one of the strongest basketball teams in the country. Its women's team was one of the more successful teams in Icelandic basketball, winning three national championships[4][5][6] and seven Icelandic Basketball Cups.[7][8] Its men's team won the national championship once, in 1959,[9] and the Icelandic Basketball Cup once, in 1978.[10] The club also boasts a number of volleyball championships.

In 2002 the university stopped sponsoring the club which led to financial difficulties. Its men's basketball team folded after the 2005-2006 season and its women's team folded after 2006-2007 season when most of the players moved over to Valur's newly resurrected women's team.[11][12][13] In recent years, the activities have decreased and ÍS no longer sends teams to the Icelandic tournaments.