Ince Minareli Madrasa was built between the dates 1260-65. It was a work of architect Koluk bin Abdullah whose name is inscribed as "Amel-i Koluk bin Abdullah inside the two symmetrical rosettes on the portal. This madrasa was a theological school (Dar'ul Hadis) in the Seljukid period. Karatay Madrasa falls into the group of enclosed-madrasas: behind the portal is a vaulted square vestibule leading to the central closed space. This latter section is a square area topped by a perforated dome leaning on fan-pendentives. Below the dome is a square pool on the floor. There are domed square rooms on the two sides of an iwan that faces the central space on the west. Small student cells flank the central domed hall on the northern and southern sides.

The minaret on the left of the facade once belonged to a masjid, which was adjacent to the building on the northeastern side. The portal is one of the most intricately ornamented Seljukid portals. Inscriptions and vegetal motifs are juxtaposed in a particular way creating a very balanced and symmetrical design reflecting the elements (eg. tree of life) of heaven and harmony contained in it.