The Credit Suisse Magazine Since 1895 Issue 1 International Edition / English February/March 2012 SUKUKS An Islamic Concept Goes Global | 24 LEADER Morten Lund And the Hype About Skype | 52 CATHY FREEMAN Investing In Indigenous Education | 46 Looking East From Romanticized Ideas to Contemporary Realities Caravanserais Meeting places along trans-Asian routes / Masters of Nothing At All The history of zero and how it conquered the world / Turkey The end of the party ? / Kelvin’s Story A tale of inclusive education in Zambia / Keeping Federer Fit Roger’s training routines OXYGEN’S ELECTRIC SCOOTERS ARE LEAVING THE FOSSIL FUEL ERA BEHIND. Credit Suisse is helping the company evolve. credit-suisse.com/clients 21145_440x297_BulletinCS_oxy_e.indd 1 07.02.12 13:19 Foreword 2 Contents 3 12 Looking East 4 Peter Scholl-Latour An informed assessment Focus of the current situation following the Arab Spring. 8 Colors of the Orient We immerse ourselves into the magical variety of brilliant colors seen throughout the oriental world. 22 Of Nothing At All The history of zero centers on Credit Suisse the Orient. Here it was born and from here it also | Foreword conquered the world. Looking East 24 Sukuk Islamic finance is at the forefront of the Any attempt to concisely describe the “Orient” is set to force even the integrations of local conventions into the globalized market economy. most articulate wordsmith into deep waters. What was once merely used as a geographical description for imperialist conquests of the West has Daniel Gebhart de Koekoek | transcended its own metonymy and come to challenge its very definition Sponsorship in these modern days of ours. On a very basic level, the term Orient 37 C A Look to the Arts reativity has been identified derives from the Latin word oriens, meaning “east”. Throughout history, Flavio Gerber | as the most sought-after leadership skill for the of course, the terminology used to describe Asia, the Middle- and Far 21st century. East has become charged with emotional imagery of a world where 38 Cape Festival How a non-profit organization Dieter Nagel dreams and reality merge to create an array of opulent images of exotic | is bringing opera to children in South Africa. and ancient cultures. In more recent decades, the idea of the Orient has shifted to a more Corporate Responsibility politically charged antithesis. This permutation in popular perception, 45 Female Talent To promote constructive change, attributed to the occupation of the Orient throughout history and the Photos:Thomas Eugster | Credit Suisse has introduced a special mentoring mementos the West has left behind, is challenged by Palestinian-Ameri- program to include more women in senior executive can scholar Edward Said in 1978, with the publication of his most contro- positions. versial work “Orientalism,” in which he describes the pervasive Western 46 Pathways to Success How Olympian Cathy tradition, both academic and artistic, of prejudiced outsider interpretations Freeman is making a difference in the field of of the East (Orient), shaped by attitudes of European imperialism in the Indigenous Education. Cover photo: Regina Hügli 18th and 19th centuries. Wunderkind Turkey has enjoyed 48 Roundtable Experts discuss how to integrate an Caravanserai Lining the network above-average growth figures. Are analysis of environmental, social and governance In our attempt to entice readers to a more contemporary observation of issues into the investment process. Eastern realities, we start with some nostalgic and romanticized visions of trans-Asian trade routes, these 28 these sustainable in the long-run or is this the end of the party? that Westerners have of the East, such as the colors of the Orient in walled inns are places where Economy Ingeborg Waldinger’s feature on page 8. The exoticism attributed to the Leader Oriental world has acquired an almost mythical status as the Ottoman travelers can stay overnight and A Glimpse of the Future Meet 52 The Hype over Skype Skype founder Empire waned in the Occident. Then, we remember one of the Orient’s where animals and merchandise are Vilde Frang, the Oslo-born winner Morten Lund’s recovery from bankruptcy and most significant exports and the basis for our entire financial and 34 of the 2012 Credit Suisse Young his lessons learned. Artist Award. commercial system, the letter zero, in Stefanie Schramm’s “The Masters safeguarded. We embark on a Sponsorship of Nothing At All.” A few pages later, we confront embroidered ideas visual journey of these crossroads Some articles are linked with kooaba of the Orient and contrast them with more contemporary realities, such Inclusive Education Promoting Shortcut image recognition. as the globalization of Sukuks – Islamic fixed income products – or a between the Occident and the Orient. the inclusion of children with close look at Turkey’s recent economic boom. 42 disabilities and their parents into Corporate the lives of local communities. Responsibility This issue of bulletin is not meant to present a comprehensive overview of the current state of the Eastern world, but it should act as a teaser to the discovery of the conundrums of the Orient, to witness and discover yet another important shift in the historic balance of power, economic development and cultural relevance in our modern times. Stefan Behmer, Editor-in-Chief Gold Winner Gold Winner neutral Printed Matter Premium No. 01-11-614210 – www.myclimate.org Special Edition © myclimate – The Climate Protection Partnership White Turf, February 2012 E-zine Regina Hügli Stefanie Schramm iPad White Turf Departing from Vienna, The Hamburg-based author bulletin digital Missed White Turf? For a compre- 4 WHITE TURF Top-class horse-racing event in St. Moritz 18 About Time and Cheese hensive overview of this unique photographer Regina Hügli explores the history of zero Try out our complimentary Jean-Claude Biver 22 Ivo Pitanguy The Michelangelo of Surgeons 26 The New Bear in Town Ernst Tanner racing event, visit us online at: set off to discover the cara- and how it has come to be iPad edition with additional 30 Timelessness Angela Ahrendts 32 East Meets West vanserais in Istanbul. Page 12 indispensable. Page 22 Gold Winner content! Hong Kong credit-suisse.com/sponsorship Looking East 5 Peter Scholl-Latour “THE EXperts IN EGYpt were OF THE opiNioN THat NotHING WOULD HappeN IN THE Near FUTUre.” Journalist and author Peter Scholl-Latour, one of Europe’s most renowned experts on the Middle East, cannot be said to live only from memories, though now at 87, he has accumulated many. His apartment in Berlin is filled with photos from his time as a reporter in Africa, China and the Middle East. One shows him as a prisoner of the Viet Cong. Another was taken in 1979 with the Ayatollah Khomeini, whom Scholl-Latour accompanied back to Iran when the religious leader returned from exile. Today, Scholl-Latour remains vital and outspoken. His world view has been shaped by first-hand knowledge and experience, making him an authority on events shaping our lives that begin in countries and cultures many Westerners understand poorly – or not at all. Interview: Ingo Petz Photo: Peter Peter Photo: Rigaud bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 6 Looking East Looking East 7 For Westerners, the idea of the “Orient” is a place Peter Scholl-Latour countries. When I first went to Algeria it had “I see no successful example has primarily targeted corrupt elites who of myths, legends and romance. Does this actually a population of eight million. Now it’s more have become too closely identified of an adaptation of reflect the reality? Award-winning German- than thirty million. There has been a migra- with the West. The hatred of the majority When Westerners speak of the “Orient,” they commonly French journalist tion, which means that nowadays most the democratic model in the of people in these countries is directed are referring to the immense expanse of land between Peter Scholl-Latour European countries have a substantial Arab world.” against a ruling class that has moved away was born in Bochum Morocco and Afghanistan. It’s a deceptive term because in 1924. As the author Muslim population. And this leads to social from Islam. Real political power in Egypt it implies a unity that doesn’t exist. People in Europe of more than 30 divisiveness. I do my best to understand rests with the Muslim Brotherhood, the often don’t even bother to distinguish between the Near books and producer of Islam and do not misuse it as a screen onto simple people, the poor, and the peasant East and the Middle East. And for Arabic speakers, many documentary which to project my anxieties. I can only farmers. They have a structured leader- films, he is regarded as Morocco, for example, is still referred to as Maghreb a leading authority on say that one has to be aware that there are ship. The Muslim Brotherhood has remained al-Aqsa, the “Far West.” That at least reflects the the regions and issues many different currents within any religion. in the background and waited for its geographical realities. Additionally, the term “Orient” also discussed in this inter- You refer to the fear among Western moment, which came with the elections at view. He began his stands for a dream world of romanticism. Writers and career as a journalist Europeans that Muslim immigration may the start of this year. What alarms me is philosophers were fond of idealizing the countries of the for the Saarbrücker lead to alienation. Is it really so difficult that the radical Salafists received around East – either as an exotic or mysterious cultural sphere Zeitung and traveled to integrate Islam? a quarter of the votes.