Legacy of the general

The author evaluates the gradual process by which Pakistan's banks have been converting themselves into Islamic institutions. The slow pace at which reform has gone on allows banks to continue to pull in profits and achieve growth without having their entire institutions turned upside down. These banks have been testing various Islamically acceptable methods of profit-generation and the search for innovative new projects has proven stimulating. The author addresses the country's civil unrest and the huge volume of illegal operations that are being undertaken while the official economy is lagging behind the black market's growth. It is concluded, however, that the nation's illicit funds go primarily abroad rather than into domestic banks, and thus the financial world of Pakistan is not substantially hindered.