After more than a decade of existence of the private universities in the country, none complies fully with the requirements contained in the 1992 Act, he said.

The president was speaking at the eighth convocation of Independent University, Bangladesh (IUB) at Bangladesh-China Friendship Conference Centre in Dhaka.

Professor Robert Hunter Wade of London School of Economics delivered the convocation speech.

A total of 362 students form various disciplines were awarded degrees at the convocation.

Lauding the role of private universities in higher education, President Iajuddin said the number of students seeking to study abroad has greatly declined as examinations are being held in time and there is no session jams in these institutions.

There is no denying the fact that the emergence of the private universities has brought forth several benefits to the society, he said.

But he criticised the private universities for their small campuses and inadequate number of full-time teachers.

"Educational lecture are being provided in places sandwiched between market centres," he said.

Iajuddin added that part-time teachers of foreign and local origins are hired and thus the students fail to communicate with the teachers to meet their academic needs.

He said the healthcare issue of students is also neglected because of the absence of an open field, which is part and parcel of any reputed university.

Professor Robert Hunter said the opening of capital market and mobility of capital are behind the financial crisis in developing countries.

Referring to the examples of East Asian countries, he said the developing countries should introduce import replacement policy so that consumable goods are produced at home.

About Bangladesh's prospects in development, he said, "Bangladesh is polarised internally in terms of politics that makes it difficult to formulate a concerted policy."

IUB Vice-chancellor Professor Bazlul Mobin Chowdhury said the private universities are not business enterprises and they do not operate with profit motive.

He called on the government to extend support for healthy growth of these institutions and help them to become fully-fledged universities.