(g)  Investment banking:  The role of investment banking in Pakistan has remained quite murky so far. The spread of universal banking model in the country has led to a certain degree of ambiguity as far as the market niche in which investment banks can operate.
In a nutshell: whether an enterprise or a fund is classified as belonging to the shadow banking system depends not so much on its name as on its activities. For precisely this reason, some money market funds are included in the shadow banking system.