islamic azad university (, "dāneshgāh-e āzād-e eslāmi") is a private university system based in iran. the university was founded in 1982. it is the world's third largest university. 1.5 million students study there. the university has over 100 branches across iran and also in other countries such as the emirate of dubai and the united kingdom. over the years, the university has become richer. it is estimated to be worth between $20 and $25 billion.