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A hail of bullets and rocks swept over Bangladesh's cities this past weekend, spawning a deadly political crisis that threatens upcoming elections in January. Although averted for now, as of Sunday night, there are still pitfalls that may prove a boon for the country's Islamist parties, observers say.

On Friday, the ruling Bangladesh National Party (BNP), which took office in 2001 in a coalition with Islamist parties, officially ended its five-year term. Bangladesh's Constitution stipulates that a transitional, nonparty caretaker government must assume the reins to help steer the country toward elections in January.

For several days this weekend, political leaders …