Dhaka, Feb. 6 -- It is an election where the winners may take a while to be determined, but we do already know the losers. Come February 12, Bangladesh will revert to democratic rule following parliamentary elections and a referendum on the July Charter. The new government will face a plethora of challenges, including reviving the economy, addressing demographic pressures, and healing the divides caused by the ousted Awami League regime - who are the ones set to lose most from a free-and-fair election, coupled with a verdict in favour of 'Yes' in the referendum.

As for who forms the next government, with a week to go, there is an apparent panic in Dhaka's elite circles and chatterati, regarding the Islamist wave represented by the resurg...