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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.

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Foreword 2

12

Focus

Foreword Caravanserai  Lining the network
of trans-Asian trade routes, these
Looking East walled inns are places where
travelers can stay overnight and
Any attempt to concisely describe the “Orient” is set to force even the where animals and merchandise are
most articulate wordsmith into deep waters. What was once merely used safeguarded. We embark on a
as a geographical description for imperialist conquests of the West has visual journey of these crossroads
transcended its own metonymy and come to challenge its very definition between the Occident and the Orient.
in these modern days of ours. On a very basic level, the term Orient
derives from the Latin word oriens, meaning “east”. Throughout history, Gold Winner
of course, the terminology used to describe Asia, the Middle- and Far
East has become charged with emotional imagery of a world where
dreams and reality merge to create an array of opulent images of exotic
and ancient cultures.

In more recent decades, the idea of the Orient has shifted to a more
politically charged antithesis. This permutation in popular perception,
attributed to the occupation of the Orient throughout history and the
mementos the West has left behind, is challenged by Palestinian-Ameri-
can scholar Edward Said in 1978, with the publication of his most contro-
versial work “Orientalism,” in which he describes the pervasive Western
tradition, both academic and artistic, of prejudiced outsider interpretations
of the East (Orient), shaped by attitudes of European imperialism in the
18th and 19th centuries.

In our attempt to entice readers to a more contemporary observation of
Eastern realities, we start with some nostalgic and romanticized visions
that Westerners have of the East, such as the colors of the Orient in
Ingeborg Waldinger’s feature on page 8. The exoticism attributed to the
Oriental world has acquired an almost mythical status as the Ottoman
Empire waned in the Occident. Then, we remember one of the Orient’s
most significant exports and the basis for our entire financial and
commercial system, the letter zero, in Stefanie Schramm’s “The Masters
of Nothing At All.” A few pages later, we confront embroidered ideas
of the Orient and contrast them with more contemporary realities, such
as the globalization of Sukuks – Islamic fixed income products – or a
close look at Turkey’s recent economic boom.

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

neutral
Printed Matter

No. 01-11-614210 – www.myclimate.org
© myclimate – The Climate Protection Partnership

Regina Hügli Stefanie Schramm Gold Winner
Departing from Vienna, The Hamburg-based author
photographer Regina Hügli explores the history of zero
set off to discover the cara- and how it has come to be
vanserais in Istanbul. Page 12 indispensable. Page 22

Cover photo: Regina Hügli  |  Photos: Thomas Eugster  |  Dieter Nagel  |  Flavio Gerber  |  Daniel Gebhart de Koekoek  |  Credit Suisse Contents 3

28 Wunderkind  Turkey has enjoyed Looking East
above-average growth figures. Are
Economy these sustainable in the long-run 4 Peter Scholl-Latour  An informed assessment
or is this the end of the party ? of the current situation following the Arab Spring.
34
A Glimpse of the Future  Meet 8 Colors of the Orient  We immerse ourselves
Sponsorship Vilde Frang, the Oslo-born winner into the magical variety of brilliant colors seen
of the 2012 Credit Suisse Young throughout the oriental world.
42 Artist Award.
22 Of Nothing At All  The history of zero centers on
Corporate Inclusive Education  Promoting the Orient. Here it was born and from here it also
Responsibility the inclusion of children with conquered the world.
disabilities and their parents into
the lives of local communities. 24 Sukuk  Islamic finance is at the forefront of the
integrations of local conventions into the globalized
market economy.

Sponsorship

37 A Look to the Arts  Creativity has been identified
as the most sought-after leadership skill for the
21st century.

38 Cape Festival  How a non-profit organization
is bringing opera to children in South Africa.

Corporate Responsibility

45 Female Talent  To promote constructive change,
Credit Suisse has introduced a special mentoring
program to include more women in senior executive
positions.

46 Pathways to Success  How Olympian Cathy
Freeman is making a difference in the field of
Indigenous Education.

48 Roundtable  Experts discuss how to integrate an
analysis of environmental, social and governance
issues into the investment process.

Leader

52 The Hype over Skype  Skype founder
Morten Lund’s recovery from bankruptcy and
his lessons learned.

Some articles are linked with kooaba
Shortcut image recognition.

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32 East Meets West
Hong Kong

Peter Scholl-Latour Photo: Peter Rigaud

“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

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Looking East 5

Credit Suisse  bulletin 1/12

6 Looking East

For Westerners, the idea of the “Orient” is a place Peter Scholl-Latour countries. When I first went to Algeria it had
a population of eight million. Now it’s more
of myths, legends and romance. Does this actually Award-winning German- than thirty million. There has been a migra-
French journalist tion, which means that nowadays most
reflect the reality ? European countries have a substantial
When Westerners speak of the “Orient,” they commonly Peter Scholl-Latour Muslim population. And this leads to social
was born in Bochum divisiveness. I do my best to understand
are referring to the immense expanse of land between in 1924. As the author Islam and do not misuse it as a screen onto
Morocco and Afghanistan. It’s a deceptive term because which to project my anxieties. I can only
it implies a unity that doesn’t exist. People in Europe of more than 30 say that one has to be aware that there are
often don’t even bother to distinguish between the Near books and producer of many different currents within any religion.
East and the Middle East. And for Arabic speakers,
Morocco, for example, is still referred to as Maghreb many documentary You refer to the fear among Western
al-Aqsa, the “Far West.” That at least reflects the films, he is regarded as
geographical realities. Additionally, the term “Orient” also a leading authority on Europeans that Muslim immigration may
stands for a dream world of romanticism. Writers and the regions and issues
philosophers were fond of idealizing the countries of the discussed in this inter- lead to alienation. Is it really so difficult
East – either as an exotic or mysterious cultural sphere
or as an archaic, backward area of despotism and tyranny. view. He began his to integrate Islam?
In fact this idealization and general ignorance still career as a journalist There are a great many differences
characterize the way in which we regard this region among different groups. Turkish Alevi,
today. for the Saarbrücker who are close to the Shiites in many
Zeitung and traveled respects, have had very few integration
What leads us to perceive Islamic countries problems. Sunni Islam is characterized
to Iran, Iraq, Syria by major differences in its practice. The
as being so different, in some ways less and Israel in 1951. mysticism of Sufi Islam is far removed
from the rigorous faith of the Salafists.
advanced and sometimes even threatening? As a correspondent At present there is a strong movement
As far as Islam is concerned, things must be viewed for German Television, towards the original practices of Islam,
in a historical context. For example, for the time in which he reported from Africa which can be seen as a reaction to the
the Prophet Mohammad lived, his ideas constituted a westernization that was preached by many
progressive social revolution. For the time it was written, and the Arab world. intellectuals. The Muslim Brotherhood,
the Koran also embodied a relatively tolerant attitude Prior to becoming a which looks to be on the verge of assuming
towards what are called the other “religions of the book,” reporter, he served in power in Egypt, appears to be taking a
Christianity and Judaism. These religions were allowed. 1945/46 with the Com- path of moderation.
The character of the Islamic Revolution was also thoroughly mando Parachutiste
egalitarian. Its aims included social justice and welfare. Ponchardier, a unit of Islam seems to have regained
Up to the present day, many Islamic parties enjoy their French paratroopers
popularity among the masses because of their active who were active in the its significance in the postcolonial
engagement on social issues. First Indochina War.
Arab world. Why is this?
Why do Muslims and Christians appear to Today he lives in Berlin During the 19th century, Islamic
and Paris. intellectuals adopted European terms such
be hostile towards one another today ? as “nationalism” and even “Marxism.”
Hostility between Christianity and Islam arises, in part But the “Arab nation” that Gamal Abdel
perhaps, because in some ways these religions are so Nasser attempted to unite from Morocco
similar. They are monotheistic religions. Like Judaism they to the Persian Gulf failed. One saying
start with Abraham. And Jesus is also a great prophet has become more popular: “al-Islam huwa
in Islam. In its own terms at least, the driving force behind al-hal – Islam is the only solution.” You
Islam is to bring the world to salvation. Just like Christianity. could say that the Islamic revolution was
directed against those Arab rulers who
The West and Islam disagree about how were regarded as stooges of the West.
But Islam’s influence doesn’t necessarily
the state should function. mean that things will become unpleasant
The Koran is considered to be the word of God. Every for people outside of the region.
devout Muslim believes that. The problem is that this
teaching, which also embodies a legal system, doesn’t In your new book “Arabia’s Moment
take into account modern conditions of life. For instance,
for the devout, religion cannot be separated from the of Truth” you look at the Arab Spring.
state. Our understanding of secularism or even laicism I’m very wary of using the term “Arab
is vigorously rejected by many in the Islamic world. Spring.” There has already been one “Arab
The basic challenge was and still is finding a compromise. Spring” which, however, was largely
ignored in Europe. That was at the start
Osama bin Laden, al-Qaeda and terrorism that of the 1990s in Algeria when the military
dictatorship in that country allowed free
is linked to extremist groups have raised concerns elections, which were followed by a military
coup. Western governments did nothing.
about the aims of Arabs and Islam in general.
The term “al-Qaeda” is extremely nebulous. What might
be much more of a concern to Europeans is the
demography, the population explosion in nearby Islamic

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Looking East 7

“I see no successful example Book tip has primarily targeted corrupt elites who
of an adaptation of Peter Scholl-Latour: have become too closely identified
with the West. The hatred of the majority
the democratic model in the Arabia’s Moment of people in these countries is directed
Arab world.” of Truth. Turmoil against a ruling class that has moved away
on Europe’s Doorstep, from Islam. Real political power in Egypt
There was an appalling civil war with an estimated Propyläen Verlag, rests with the Muslim Brotherhood, the
200 000 casualties. I happened to be in Algeria shortly simple people, the poor, and the peasant
before the outbreak of the latest so-called “Arab Spring.” 384 pages. farmers. They have a structured leader­
People there were still traumatized by the civil war and were ship. The Muslim Brotherhood has remained
understandably hesitant about yet another revolution. Online competition: in the background and waited for its
Go to moment, which came with the elections at
Is that why your new book begins with the start of this year. What alarms me is
Algeria and not Tunisia? www.credit-suisse.com/ that the radical Salafists received around
That the uprisings would begin in Tunisia came as a surprise bulletin a quarter of the votes.
to me, even though the former Tunisian president Zine
al-Abidine Ben Ali was particularly disliked. Tunisia, however, to win one of three What does the future hold for Libya?
was not a former colony. It was a French protectorate signed copies of Peter In Libya I expect a conflict between
with close ties to Europe. What’s more, Tunisians are usually Scholl-Latour’s book. rival extremists. When I had finished my
regarded as very peaceful, agreeable people. book I went back to Libya. Every five
kilometers we were stopped by armed
Were you surprised by the rebellion in Egypt ? rebels and never knew which tribe or
Yes, the mood didn’t really seem close to rebellion. I was faction they belonged to. But we did find
also in Cairo shortly before the protests began. I met out that they all seemed to be at
a number of experts when I was there and all were of the each other’s throats.
opinion that nothing would happen in Egypt in the near
future. Neither the CIA nor the omnipresent Egyptian secret Turkish Prime Minister Recep Tayyip
service seemed to notice that anything was brewing.
Erdogan visited Libya shortly after
In contrast to many others, you do not regard the
young people who demonstrated on Tahrir Square the rebels had taken over. Is Turkey
and came together through internet-based social media
as the driving force behind the revolution in Egypt. attempting to strengthen its influence
Those who gathered in Tahrir Square in Cairo were
essentially the young intellectuals, the children of the middle in Northern Africa?
classes, and frustration was especially great among the Erdogan naturally had the advantage
middle classes. The widespread corruption was perceived that as a Muslim he was able to pray
as insufferable. However, I’m convinced that they were with the Libyans – unlike David Cameron
not and are not the real driving force in the country. You can and François Sarkozy. But Erdogan
compare it to some extent with the 1968 student riots in also made a speech in which he promoted
Paris. The rioters were the children of the “bourgeoisie”. The the secular state, and as I mentioned,
“proletariat” wasn’t there. the old Ottoman Empire represented to
some Arabs foreign despotism. This
Unlike the politically successful Muslim Brotherhood. could stand in the way of any expansion
As I’ve already said, the revolutionary movement that has of Turkey’s role in Northern Africa.
been active in the Arab countries since the start of 2011
Is it then completely wrong to

believe that democracy could establish

itself somewhere in the Arab world?
I’m delighted that I live in a democracy.
But personally, I’m convinced that this
Western model won’t work in Arab/Islamic
countries. I see no successful example
of an adaptation of the democratic model
in the Arab world.

What can the EU, and

Europeans do now ?
It’s not our business to define the shape of
politics in Syria. We don’t even know
what will happen there if the insurgents
win. At present, I fear that a civil war
looks likely. Europe shouldn’t overestimate
its strength. And there should certainly
be no talk of military intervention in
Syria. <

Credit Suisse  bulletin 1/12

The Colors of the Orient

Turkish Red
and Mohammedan

Blue

For thousands of years, Europeans have
­associated the Orient with one particular

­attribute: Sensuality. The fragrances ­
of exquisite spices and aphrodisiac perfumes
helped to create this perception, but mainly

it was shaped by the magical variety of
brilliant colors to be seen throughout the

oriental world.

Text: Ingeborg Waldinger

bulletin 1/12  Credit Suisse

Looking East 9

Photo: Rainer Martini, Getty Images

Gold, yellow and white embellish the elaborate interior domes
of the Yeni Valide Mosque in Istanbul.

Credit Suisse  bulletin 1/12

10 Looking East

Over the years, indigo
turbans tinted the skin of the
Tuaregs, giving the Berbers

the sobriquet “blue riders
of the desert.” Eventually white

and black muslin replaced
the costly indigo cloth.

Precious commodities traveled from the east to the ing for life-giving nature. It even appears on national flags,

west along the Silk Road in early times, accompanied such as those of Mauretania, Saudi Arabia, and Pakistan.

by reports of distant cultures. Dreams and reality merged On the other hand, a precious mineral – the fiery-green

to create an array of opulent images. Exoticism acquired emerald – was a source of national pride for the ancient

almost mythical status as Ottoman power waned in Egyptians, while the verdant hue of ground malachite was

the Occident. Poets and painters played a major part in prized as a seductive eye shadow by Egyptian women.

romanticizing the part of the world where the sun rises: Even so, it was a blue stone that achieved almost

Sol oriens, the Orient – its colors still cast their spell, divine status in Egypt: the lapis lazuli.This semi-precious

despite a few dark clouds. stone from Afghanistan was given to pharaohs to accom-

The oriental palette of colors holds 1001 tales in store. pany them into the next life, and it adorns Tutankhamun’s

They tell of cochineal-red silk caftans, purple ships’ sails, death mask. When lapis lazuli is pulverized, it produces

and cobalt-blue earthenware; of gold-embroidered the prohibitively expensive ultramarine pigment used

b­ rocades and royal robes of saffron yellow; of the henna by painters. The ancient Egyptians also manufactured

used in wedding ceremonies and the ochre applied to the world’s first artificial pigment: “Egyptian blue,“ made

mummies; and of blue desert riders and white harem of silicon, calcium and copper.

roses. Toxic Blue
So it comes as no surprise that “Orient” is the name

given to a precious variety of iridescent pearl that reflects Cobalt blue, which originated in Persia, is a heavenly

all colors of the rainbow. The very word “Orient” evokes c­ olor, but it is also toxic. It contains arsenic. The Persians

a host of shimmering colors, although the geographical used this “Mohammedan blue” (as well as turquoise) for

area that it denotes has varied somewhat over time. the glazed tiles that decorate their mosques. Indigo, a

It used to be understood as describing the countries and natural and intense blue dye that probably came from

cultures of both the Near and Far East, but nowadays it India and has been used to color textiles for centuries,

only covers the Middle East and the Arab-Islamic world. is credited with unrivaled beauty and durability. Although

Nevertheless, Far Eastern colors figure to some extent blue, as the color of Krishna, has a divine aura in Hindu

among the hues that suffuse our imaginary visions of the India, the indigo plantations could hardly be described

Orient: In the 18th century, Europe’s metropolitan centers as hallowed ground. The British colonial power used

revered textiles and works of art from the most distant force to compel peasants to cultivate this plant, and

Orient as the last word in fashion. The color that set the the obligation to grow it was only brought to an end by

tone was Chinese Green – the green of silk carpets and the so-called Indigo Riots in Bengal. In the 17th century,

legendary Celadon porcelain. this “king of dyes” conquered Europe, where the pale

Green Has Cult Status blue obtained from dyer’s woad dominated the market.
Synthetic indigo, identical to its natural counterpart,

Throughout the Islamic Orient, green enjoys the status s­ upplanted Indian indigo from the end of the 19th century

of a cult color because it is the color of the prophet onwards. The Tuareg also used to wear indigo: Over the

Muhammad. Prayer carpets with green grounds are to years, their turbans (known as “alasho”) tinted the skin

be seen in mosques. So is there a taboo against green on their faces, giving the Berber people the sobriquet of

carpets in secular rooms? We put this question to F­ arhad “blue riders of the desert.” White and black muslins even-

Mirfattahi of Rahimi & Rahimi, the Vienna carpet store. tually replaced the costly indigo cloth.

“No, not at all,” he replied. “The most popular colors for Of course, the oriental color spectrum also includes

oriental carpets are red, blue, and beige, but green exam- ocher, the original earth pigment; in ancient times, the

ples can also be found on the market.“ Among the des- best qualities came from Sinop on the Black Sea. Other

ert people of the Orient, green also represents the long- famous colors include the extremely light-resistant ­walnut

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Looking East 11

The dark red to violet-purple
pigment obtained from

the ­secretion of the murex
snail ­requires 10,000 snails
to manufacture one gram

of dye. Originally used
by the P­ hoenicians, it became
highly popular with powerful

rulers.

brown of “classical” Persian carpets and the stark “mum- a long-guarded secret of the Ottomans. Without this

my brown” that the British extracted from the bituminous “Turkish red,” there would have been no red in national

balsam used to preserve Egyptian mummies. In the 18th flags in the era before synthetic red was invented, accord-

and 19th centuries, European painters prized this color ing to Harald Böhmer.

for shading. Another color that is exclusive in terms of image as

Costly Yellow well as price is the dark red to violet-purple pigment
obtained from the secretion of the murex snail (10,000

But let us turn to sunnier matters now: Yellow is regard- murex snails are needed for one gram of dye). The Phoe-

ed as a wedding color in some parts of the Orient. Harald nicians discovered it, and it became popular in general

Böhmer, the German chemist and expert on textile col­ors, with powerful rulers. According to legend, Cleopatra had

carried out an extensive study of the colors in Turkish purple sails hoisted on her gilded royal barge before she

carpets, and in 1981 initiated the reintroduction of natural invited Mark Anthony to come on board. Under certain

dyeing in Anatolia. He is enthusiastic about the harmo- conditions, a blue shade can also be extracted from the

nious tones of golden Konya yellow: “Bazaar merchants murex snail. Purplish blue was used to dye the fringes of

use the old name, Eski, for this color.” the tekhelet, the Jewish prayer shawl. The fashionable

The most expensive yellow comes from the stigmas of violet familiar to us in the 21st century is admittedly a long

the crocus: Anything from 100,000 to 200,000 flowers way from this violet purple. “Clients even ordered violet

are needed to make one kilogram of saffron. In ancient carpets, with synthetic dyes, of course,” says Omar Besim

Babylon, saffron yellow was used to dye the shoes of of the Adil Besim carpet emporium in Vienna. But eco-

the wealthy, and in Persia it was the color of royal robes. luxury is also in demand: “Carpets with natural colors,

How­ever, it is not light-resistant, unlike the intense ­yellow using patterns from the 16th and 17th centuries, are manu-

color obtained from dyer’s rocket, which according to factured as exclusive items.”

Harald Böhmer can be found in Lotto carpets, the types The red from the henna bush also has a long tradition

featured in paintings by the Italian Renaissance artist in the Orient: On the “henna night“ before a wedding, it

Lorenzo Lotto: As was the custom at the time, Lotto por- was used to paint the bride’s hands and feet as well as

trayed his princely patrons together with their priceless less visible parts of her anatomy. The wearer of these

carpets. decorations is exempt from housework as long as they

Sensual Red do not fade – an inspiring custom. Turkish author Orhan
Pamuk evokes the supercolor of the Orient in another

However, the most Oriental of all colors is red. Nature way: In his novel “My Name Is Red” the color red briefly

abounds in sources for this color: The glowing carmine takes on the role of the narrator.

from the Indo-European kermes insect is used to color Secretive Black
Campari as well as the wool felt used to make fezzes;

for silk, the Persian, Ottoman and Indian carpet weavers Of course, there is plenty of glittering gold in the Orient

preferred the dark red dye from an insect, the Indian lac. as well, but the “non-colors” – black and white – are

Both these variants were superseded by the extremely equally essential: Since time immemorial, oriental ­women

expensive, intense and brilliant red color extracted from have used khol as eyeliner; gold-embroidered black

the Central American cochineal bug. This was used to ­brocade (the kiswah) shrouds the Kaaba at Mecca, and

dye luxury carpets as well as the silken caftans worn by Iranian women are veiled in black chadors. On the other

Ottoman sultans. hand, white is the color of the Arab kandura, an ankle-

However, the inexpensive warm red obtained from length shirt, or of the marble in many mosques. And the

the root of dyer’s madder proves to be highly light-resis- coded flower language of the harem tells us what white

tant and weatherproof on cotton. The formula for it was roses stand for: Secret love.  <

Credit Suisse  bulletin 1/12

Caravanserais line the network of Occident Orient
trans-Asian trade routes at intervals of
30 to 40 kilometers. As the original Astrakhan
Farsi word kervansaray suggests, these
are stopping-places for caravans. Walled Tbilisi
inns where travelers can stay overnight
in safety together with their animals and Istanbul Erzurum
merchandise and where they can also Konya
obtain food. Caravanserais attract Athens
merchants and craftsmen and they
serve as warehouses and trading posts. Aleppo
Trade between the Mediterranean
countries and Persia, India and China Palmyra Deir ez-Zor Teheran
began in the pre-Christian era, even Damascus Baghdad Isfahan
before the age of Alexander the Great.
But virtually no European traveler along Alexandria
these routes is fully able to bridge the Cairo
infinity that separates the Occident and
the Orient, so Marco Polo would have us
believe. Caravanserais are true meeting
places. This is where different races,
religions and cultures come together; it
is here that stories are dreamt up for a
thousand and one nights and fairy tales
are recounted. Tales of Scheherazade,
the ingenious storyteller, of Caliph
Stork and Little Muck. A crossroads
between the Occident and the Orient
where both sides truly get to know
one another ...

Bishkek (Frunze) Hami
Dunhuang
Kucha

Karashar

Tashkent Anxi

Bukhara Kashgar

Qarqan (Qiemo) Wuwei
Hotan
Samarkand

Merv

Mashhad Gilgit
Islamabad
Herat Kabul

Caravanserai

Schiras Capital. Contacts. Culture.

Varanasi

Kolkata



Istanbul
Picturesque Melancholy

In 1453, Constantinople became
Istanbul. The city continued to be a
much-frequented point of contact
between the Orient and the Occident.
The Karaköy district of Istanbul, on
the shore of the Golden Horn, is home
to many ship chandlers. In Yelkenci
Han – the Han (or marketplace) of the
Sailmakers – the craftsmen cater to
mariners’ needs. One last foundry still
remains in this dilapidated building
that dates back to the 17th century.
The furnace, recessed into the ground,
heats the bronze alloy with diesel oil.
The master craftsmen still cast anchor
chains, ship’s bells – and anything
else a mariner might need – by hand.
A tradition lives on.



Abraham – A Trademark
For 125 Years

Abraham’s precious metal shop in the
Grand Bazaar, founded back in 1878,
is hardly any larger than a closet.
Turnover in articles made from precious
metals is high here in the Cuhacilar
Han. But the silver bowl – about a
century old – belonging to the silver
dealer’s family, is not for sale. The
future of businesses in the caravan-
serais is fueling plenty of discussion.
To make it easier to refurbish the
buildings and put them to new uses,
the businesses are to be transferred
to the periphery of the city. Not
everyone agrees with this move as
a suitable solution.



The Jewelry Trade
Depends on Teamwork

Gems and jewelry have been prized
commodities since time immemorial.
In the Büyük Yeni Han, or Great New
Han, teamwork is perfectly attuned:
Silversmiths and jewelers, silver
polishers and gem setters (pictured)
all work hand in hand. Sought-after
raw materials are procured in the
Grand Bazaar and this is also where
the merchants offer their precious
treasures for sale. The Grand Bazaar
encompasses 3,300 shops, 20,000
merchants and half a million daily
customers. Kitsch and commercial
products are displayed here alongside
cultural artifacts. A veritable paradise
for treasure hunters.

Custodian of the Tea Servers –
Old Dormitory A Century-Old Tradition

Nowadays, travelers no longer spend At the heart of the Grand Bazaar, we
the night on rugs that they bring along find the Zincirli Han, the Han of the
with them, opting for the austere Chain. The chain in question was used
17th-century dormitory of the Büyük to haul the goods lift, but today it is
Valide Han instead. The bekçi (warden), no longer in use. However, access to
whose name is Mehdi, now acts as the the Han is still difficult, even after it
evening watchman to guard the valuable was carefully refurbished. Tea servers
goods that are stored here and he has cater to visitors’ daily needs here.
many a memory and tale to tell.

kooaba Shortcut: By accessing this tool you According to Ahmet Rasim, the most
can send additional images of this photo essay famous writer of Istanbul, “The beauty
by Regina Hügli directly to your smartphone. of a landscape resides in its melancholy.”
And Orhan Pamuk, winner of the Nobel
Prize for Literature, adds on an equally
wistful note: “When Flaubert came to
Istanbul one hundred and two years
before I was born, he was so impressed
by the throng of humanity in this city
and its highly individual character that
he could imagine Constantinople as the
capital of the world in a hundred years’
time, according to a letter he wrote.
Due to the collapse of the Ottoman
Empire, more or less the opposite of
what Flaubert predicted has actually
happened.” Then again, 10 years later,
there are growing signs that Flaubert
could eventually be proven right.
Istanbul has developed a remarkable
momentum; it has been the European
Capital of Culture, and it offers sufficient
scope to realize the vision of a vast
caravanserai where races, cultures and
religions meet, a point of contact and
interchange between the Occident and
the Orient, and a place where they can
truly get to know one another.

22 Looking East

MASTERS OF
NOTHING AT ALL

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Looking East 23

The history of zero centers on finite, and the Earth was enclosed in crystal spheres
the Orient. Here it was born and from which were kept in motion by the “unmoved mover.” Chris-
tians regarded this doctrine as proof of the existence of
here it conquered the world. God – and zero therefore as unholy.

Text: Stefanie Schramm Discovering Zero’s Potential

It is both the most useful and the most dangerous of all numbers. Without it our The Hindus had fewer problems with zero. On his campaign
numeric system wouldn’t even be possible. It makes everyday arithmetic easy; of conquest Alexander the Great transported the idea as
it is the most important tool in mathematics and the focus of the most profound far as India and it was there that scholars discovered its
problems in physics. At the same time it can, if handled without due care, bring true potential. In 628 A.D., the astronomer Brahmagupta
down the entire numeric system like a house of cards and lead to disastrous described the world of negative numbers – and assigned
computer errors. For a long time it was even feared as a threat to the entire zero its rightful place, between 1 and –1. In doing so he
world order, to philosophy and religion: the number zero. made zero a real number.

The history of zero centers on the Orient. Here it was born and from here it But this teaching remained unknown in the West until
conquered the world. First it traveled to the East where mathematicians recog- Muslim invaders from the Arabian Peninsula conquered
nized its true value. It wasn’t until much later that Muslims brought it back to India. The concept of zero began to spread in their far-
Arabia and from there, finally, to Europe – as one of the “Arabic numerals,” as flung empire, not least because it made it easier for Arab
we call them today. For two thousand years the Western world had held out traders to do their sums. Together with spices, silk and
against this sinister number that embodies both nothing and infinity. The­ jewels, they introduced the number zero in everyday life –
number zero stood at the heart of the conflict between East and West. an extremely successful and momentous reimport.
Zero was a Cipher, Not a Number
Two small oblique wedges were the world’s first symbol for zero. It was in- In 1202, on the south coast of the Mediterranean
­vented by the Babylonians around 300 B.C. in Mesopotamia, modern-day Iraq. the most important mathematician of the Middle Ages,
Just as we do, the Babylonians used a positional number system for counting, Leonardo da Pisa, also known as Fibonacci, encountered
but where we use units, tens and hundreds, the Babylonians used units, sixties, the Arabic (actually Indian) number system with its zero,
and 3,600s. The basic problem, however, is the same. Gaps in numbers have and made a note of it. European merchants and bankers
to be indicated somehow; otherwise 11 could be 101 or 10 01. And that’s why were quick to see its usefulness. It was much easier to
the Babylonians inserted the two oblique wedges into the gaps – as place­ count with than the cumbersome abacus. The political
holders. But they didn’t assign any value to the symbol; for them, zero was a class was less enthusiastic; the city of Florence banned
cipher, not a number. Meanwhile, zero was being invented for a second time it in fact, fearing that it would make it too easy to falsify
on the other side of the world. The Mayans used it in exactly the same way as invoices and notes of debt. How simple it would be to
the Babylonians as a gap-filler, and for their sophisticated calendar: Their turn a hundred florins into a thousand, or a hundred thou-
months began on day zero. sand into a million!

The early Europeans, however, didn’t really know what to make of the dis- As potentially dangerous as the zero was in everyday
covery. The Greek number system was strictly bound to geometrical concepts, business life, the reasons for rejecting it went much
and a surface with an area of zero made no sense to them. They also had no ­deeper. Christendom was still alarmed by the concepts
place for zero’s twin, infinity, in their world view. For Aristotle the universe was of nothingness and infinity. It took until the 16th century
for Copernicus to shatter Aristotle’s crystal spheres and
place the sun at the center of the universe. Only then
were the mathematicians able to free themselves from
the dogma of a world without zero.

And it was not just in the rarified atmosphere of
abstract mathematics that zero began to win ground;
physicists began to find traces of it in nature – in the
­infinite density of material before the Big Bang, in the all-
devouring nothingness of a black hole, in the maximum
chill of absolute zero, in the unlimited energy of a vacuum.
Neither modern science nor our everyday lives are conceiv­
able without zero. It can even bring warships to a standstill.
As US author Charles Seife explains in his book “Zero:
The Biography of a Dangerous Idea,” on September 21,
1997, the 80,000 horsepower engines of the USS York­
town suddenly stopped. The onboard computer had
attempted to divide by zero.  <

Credit Suisse  bulletin 1/12

24 Looking East

Sukuk

AN ORIENTAL CONCEPT
GOES GLOBAL

What happens when financial markets
meet cultural values? Islamic finance is spearheading

the ­movement towards the integration
of local c­ onventions into the increasingly g­ lobalized

­market e­ conomy. Currently, Sukuk – Islamic
fixed income products – are at the very center of

this m­ ovement.

Text: Stefan Leins

In October 2011, a leading American bank announced the launch of usury in Arabic. Consequentially, the absence of interest is a crucial
its first Sukuk to raise capital in the Islamic financial market. The requirement to any kind of Islamic financial transaction.
issuance of this fixed income product structured in accordance to the
requirements of the Sharia, the Islamic legal code, by a leading west- The prohibition of interest is not an exclusive feature of Islam.
ern financial institution, has sparked myriad discussions among the Most monotheistic religions have regarded interest with distrust at
financial sector. With 2 billion US dollars, its size is significant and one time or another. In ancient Judaism and Christianity, taking
its timing – during the ongoing financial crisis – is striking. In fact, this ­interest was considered a sin. To both religious communities, it took
Sukuk could signal the final breakthrough of Islamic finance into an centuries to advance their religious conventions in order to make
international arena, leading the way to new financing opportunities interest-based financial activities socially acceptable. In Jewish tra-
for challenged institutions in the current market environment. dition, this process has been mainly facilitated by the permission of
interest-based lending to non-Jews and the Christians’ claim that
The Ban on Interest as a Central Message Jewish people should be charged with the handling of financial affairs.
For Christians, restrictions on dealing with interest were maintained
Islamic finance encompasses the reconciliation of financial activities until the end of the Middle Ages. Here, it was basically an intellec-
and Islamic law. The Sharia is based on various spiritual and legal tualized discourse on the time value of money that has led to a chang-
sources, most importantly the Quran and the Sunnah. The Quran is ing perception of interest within the Christian community.
a fully codified text that, to Muslims, represents the word of God.
Speculation, Gambling, and Non-Compliant Branches
The Sunnah refers to the way of life of the Islamic prophet
Muhammad, which is partly reported and should be followed by all The critical attitude towards interest, however, is still reflected in
Muslims. Since Muhammad himself was a tradesman at a certain national laws today. In the USA, for example, so-called usury stat-
stage of his life, the Quran and the Sunnah contain detailed advice utes define the maximal interest rate that can be claimed on loans.
and rules on how Muslims should act economically. At the center of The prohibition of interest is not the only thing that differentiates con-
these advises is the prohibition of Riba, which means interest or ventional from Islamic finance. The regulations also dictate the >

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Looking East 25

Photo: Danita Delimont, Getty Images

For further reading on
Islamic F­ inance,

including downloadable PDFs
on the topic, please visit

credit-suisse.com/publications

Credit Suisse  bulletin 1/12

Photo: Du Jian, Corbis 26 Looking East

The idea of a Sharia-compliant way of banking and finance
originated in the Middle East and has been mainly

developed and promoted by Middle Eastern and South East
Asian actors and financial institutions.

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Looking East 27

handling of risk and speculation, gambling-like situations and a classification of “Sukuk are, by contrast,
“good” and “bad” business sectors. The rules on risk and speculation underline a sign of the emergence of a
the need of sustainable growth for local economies. The prohibition of gambling-
like situations stems from the fact that in pre-Islamic Mecca, gambling for soft multipolar world, which
commodities was very popular. While some players benefited from the values will no longer be governed by
gained, others ended up highly indebted. It is said that the prophet Muhammad
established markets
aimed at increasing social cohesion among Islamic believers and therefore fought exclusively.”

the gambling-like practices that enlarged the gap between the rich and the poor.

Moreover, Islamic finance became famous for its application of a so-called

negative screening approach. Since the emergence of the sector, religious schol-

ars have started to define business sectors that are in the spirit of Islam and the

ones that are classified as non-Islamic. Today, the Dow Jones Islamic Market

Index, the best known benchmark index for Islamic equities, identifies the fol-

lowing business sectors as not compliant with Islam: the production of alcohol-, and cash flow structures. After the Islamic financial mar-

tobacco- and pork-related products, conventional financial services, the enter- ket had to deal with a number of defaults, frameworks of

tainment sector, as well as the weapons and defense industry. In addition to that, Sukuk have been stress-tested and improved. Further, the

highly indebted companies are excluded, because Islamic scholars argue that demand for Sukuk has been stimulated by the growing

equity must be preferred over debt. number of Islamic equity investors that enhanced their

A Fully-Fledged Financial Service Sector religion-based approach to fixed income products.
Finally, another important development has recently

The idea of considering Sharia principles for the structuring of financial trans- boosted the Sukuk market: To raise capital in the Islamic

actions emerged among Egyptian intellectuals in the middle of the twentieth world, various non-Islamic companies have started to issue

century. At this stage in history, the Middle East was not a wealthy region and Sukuk that enable Islamic investors to purchase fixed

thus, the first Islamic finance experiments did not gain attention on a supra- income products of non-Islamic companies. The first non-

regional level. In the 1970s, however, when the oil crisis led to tremendous Islamic Sukuk issuer was the German state Saxony-Anhalt.

amounts of new wealth in the Middle East, the idea of Sharia-compliant finance With the pioneering idea to raise capital in the Islamic

was taken up again. Since then, a number of institutions in the Middle East and financial market, Saxony-Anhalt significantly enlarged its

South East Asia have steadily worked on developing an Islamic form of econom- potential investors’ base in 2004. Since then, companies

ic action. These institutions were mainly located in the Gulf countries and enjoyed like General Electric, Hewlett Packard or Petronas issued

strong support by the Islamic Development Bank that was founded in 1973. Sukuk to raise Islamic capital. The launch of the recent

In the1980s, Islamic financial services became increasingly popular in South Goldman Sachs Sukuk signals that even established

East Asia. In contrast to the Middle Eastern markets, where Islamic financial financial institutions are currently considering this step.

institutions mainly focused on wealthy private banking clients and private equity This does not come as a surprise. Due to the current belt-

activities, South East Asian Islamic financial institutions started to establish a tightening in the USA and in Europe, to some companies,

stronger focus on retail clients. Still, until the end of the twentieth century, raising capital in the Middle East and South East Asia

Islamic finance offered fairly limited opportunities to its practitioners. Since direct might be to only way to stay liquid in future.

interest was forbidden, a complete banking service that goes beyond equity A New Era of Globalization?
investing could not be offered to Islamic clients. This, however, changed in the

new millennium, when Islamic institutions started to put more effort into research Since the late 1980s, the term globalization has been used

and development. Afterwards, the Islamic fixed income market grew, Islamic to describe the increasing international production and

mortgages became more popular, Sharia-compliant credit cards were offered. circulation of goods, services and ideas. While many of

At the end of the last decade, Islamic market participants could finally benefit the goods and services today are provided by emerging

from a fully-fledged Islamic financial service sector. markets, the ideas are generally still produced by western

Expanding to Non-Islamic Financial Markets political and financial institutions. Here, Islamic finance is
a powerful counterexample. The idea of a Sharia-compliant

In the first decade of the new millennium, Sukuk became very popular among way of banking and finance originated in the Middle East

companies based in the Middle East and South East Asia to raise capital in and has been mainly developed and promoted by Middle

financial markets. The expression Sukuk – often translated as Islamic bond – is Eastern and South East Asian actors and institutions. The

the plural of the Arabic word Sakk, that stands for deed or legal document. Ety- fact that non-Islamic companies have taken up the idea

mologically, the word has the same roots as the English word check and refers of Islamic finance and are now looking for Islamic financial

to the old tradition of issuing legal documents to verify outstanding debt. The products to raise capital, does not follow the traditional

word Sukuk, a number of checks, has therefore been used to describe the first pattern of globalization. It is, by contrast, a sign of the

attempts to create Islamic fixed income products. While from 2002 to 2005 emergence of a multipolar world, which will no longer be

there where annually less than fifty new Sukuk issued globally, the amount of governed by established markets exclusively. Without any

new issues increased to 398 in 2010. This massive increase took place for var- doubt, this development towards a multipolar world is cur-

ious reasons: First, it has been driven by the growing transparency of the way rently accelerated by the ongoing financial crisis and the

Sukuk are structured. To avoid interest payments that are normally applied for need of western-based companies to raise new capital

conventional fixed income products, Sukuk generally rely on highly complex legal from new sources.  <

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28 Looking East Photo: Thomas Eugster

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Looking East 29

Turkey

The End of the
Party?

While challenges dominate the short term,
the longer-term growth perspective for the Turkish

economy remains intact.

Text: Nora Wassermann and Maxime Botteron
Global Economic Research

Turkey is the 17th largest economy in the world based on the size of its gross nomic growth as exports but also financial inflows weak-
domestic product (GDP) taking figures into account as of the end of 2010. The en. Turkish banks strongly rely on foreign loans, which
International Monetary Fund (IMF ) estimates Turkey’s GDP for 2011 at around are to a fairly large share short-term in nature. Depen-
USD 763 billion, which is around 20 percent higher than Switzerland’s GDP dence on this funding makes the economy vuln­ erable to
of the previous year. The economy is well diversified, with the manufacturing stress in global financial markets, which is also reflected
sector accounting for almost 25 percent of GDP. Since the country was hit by a in a volatile currency.
severe crisis in 2000/01, important economic and political reforms have been
im­plemented. Some economic progress was achieved with the support of the Turkey’s Monetary Policy Too Loose For Too Long
IMF who was involved in Turkey’s macroeconomic management for an entire
decade (1998 –2008). One major achievement from that time was the improve- In the aftermath of the financial crisis, emerging markets
ment of Turkey’s fiscal position. Gross government debt declined from almost ( EM) experienced large capital inflows as foreign in-­
80 percent in 2001 to 45 percent of GDP in 2010. A banking sector reform, vestors were attracted by higher interest rates and stron-
introduction of a floating exchange rate and significant reduction of inflation ger growth. This interest was reinforced by the close-
were other areas of p­ rogress. Thanks to the improved domestic and global eco- to-zero interest rates in the many advanced economies.
nomic conditions, real GDP grew by an annual 6.8 percent on average between As a result, short-term capital flows to emerging mar-
2002 and 2007. kets increased, EM currencies appreciated significantly
and in some countries created large external imbalances.
Domestic and External Challenges Could Put an End to a Strong Recovery In the case of Turkey the effect of the stronger currency
(imports became cheaper and grew faster than exports,
Turkey was severely affected by the global financial crisis in 2009. The econ­ leading to a trade deficit) was exacerbated by rapid
omy experienced a deep recession with a contraction of the GDP of 4.8 percent domestic credit growth. The external deficit has been mir­
that year, which highlighted the still strong reliance on global growth and capital rored by a current account deficit that is estimated to
flows. Since then, the economy rebounded markedly and Turkey saw growth be more than 10 percent of GDP and the largest among
reach a China-like pace of 9 percent in 2010 before slowing to an estimated G-20 countries. More than 80 percent of the deficit
8 percent in 2011. In the aftermath of the financial crisis, growth was mainly was financed through foreign short-term capital inflows
driven by domestic demand (private consumption and investment), which was which are rather volatile in nature. To address the risks
financed by cheap credit as interest rates remained low by historical standards. stemming from the external imbalances, the Central Bank
The credit boom created challenges that Turkey has to face as we enter 2012. of the Rep­ ublic of Turkey (CBRT ) made unconventional
Domestically, fairly elevated inflation coupled with erratic but probably tighter monetary policy moves in October 2010. It reduced inter-
monetary policy weigh on growth. On the external side, the sovereign debt cri- est rates despite strong economic growth, but at the
sis in the Eurozone, ­Turkey’s main trade partner, is likely to be a drag on eco- same time raised the reserve requirement for >

Credit Suisse  bulletin 1/12

16.Turkeyisthe17thlargesteconomy

in the world based on the size of its gross

17.domesticproduct(GDP).

Looking East 31

commercial banks at the central bank. The goal of this policy mix was Figure 1
to dampen the fast credit growth, which was fuelling domestic
demand and imports. Lower interest rates were intended to reduce Economic growth is likely to slow down from
the attractiveness for money inflows and higher reserve requirements high levels.  Source: Datastream, Credit Suisse
reduce commercial banks’ willingness to lend money. As a result,
imbalances should improve. The CBRT’s action backfired, however. Figure 2
The interest rate cut in combination with increasing financial market
turmoil due to the Eurozone debt crisis led to a very sharp deprecia- Favorable demographics even compared to
tion of the Turkish lira that was stronger than in most other EM. In other large emerging markets.  Source: United Nations, Credit Suisse
September 2011, the CBRT ultimately had to abruptly shift to a tight-
er monetary policy stance (by increasing interest rates) in order to
avoid a sudden stop of capital flows to the country.

External Financing Needs the Biggest Short-term Challenge

Overall Turkey’s economy will be challenged by the imbalances that
were exacerbated by the lax monetary policy (strong stimulus during
economic boom) pursued by the CBRT and would need to be cor-
rected through a sharp slowdown of domestic demand. Since a “mild
recession” in the Eurozone is likely to curb external demand for a
while, the trade deficit is to remain substantial despite a relatively
weak Turkish lira. Turkey’s external financing needs will thus con-
tinue to pose a major risk to economic growth in 2012. While net
capital flows have already started to decline, the risks here are that
investors could more rapidly repatriate the assets they invested in
Turkey, either because of a drop in conf­idence in the Turkish eco-
nomic outlook, or because of liquidity needs. This process would
lead to a financing shortage and could thus have a considerably neg-
ative effect on economic growth. In addition, the deleveraging
efforts by European banks to meet the capital requirement targets
by June 2012 could also be a negative factor for Turkey 1.

Favorable Demographics Support Long-term Growth Story

While challenges dominate the short term, the longer-term growth
perspective for the Turkish economy remains intact. The domestic
labor market conditions still appear to be favorable and demograph-
ic development in Turkey is sup-portive for long-term growth, as
the working population is likely to increase further over the coming
decades, according to the United Nations estimates (see Figure 2).
In addition, Turkey has lately diversified the destinations of its exports,
in particular towards the Middle East and Central Asia. Its rather
stable political system (compared to its regional peers) and its geo-
strategic position between Europe and the oil-rich Middle East pro-
vide Turkey with a comparative advantage at the regional level.
However, some challenges to sustainable long-term economic
growth persist: Additional social and economic reforms will still be
necessary (i.e., increase in quality of education, equal rights for eth-
nic minorities, environmental reforms). Importantly, the financial
sector will have to be developed further to tackle the relatively low
savings rate that, when compared to other fast-growing emerging
markets, created a chronic dependency on foreign capital. That way
Turkey’s economy could become more robust against global eco-
nomic downturns. Externally, the political instability in many neigh-
boring coun­tries (e.g. Syria, Iran, and Iraq) poses a certain risk as
well.  <

1 According to the Bank of International Settlement, claims of
European banks in Turkey stood at USD 171 billion (end of June 2011),
approximately 20 percent of GDP.

Credit Suisse  bulletin 1/12



Sponsorship 33

Credit Suisse News

Striving to Become a All Inclusive
Competitive Financial Center
Set up in 2008, the International Gay
At the end of October, Russian President Dmitry Medvedev convened a high-profile and Lesbian Chamber of Commerce
group of Russian and foreign top bankers and members of the Russian (IGLCC) is a global business network
government at a meeting in Moscow. The aim of the meeting was to identify with members in over fifteen countries
concrete measures to improve Russia’s competitiveness as an international advocating for equality and inclusion at
financial center and make it more attractive to investors and issuers. To that end, the workplace. Each year, a compre-
an ambitious project is under way to create a Moscow International Financial hensive survey is carried out among
Center (MIFC). Urs Rohner, Chairman of the Board of Directors of Credit Suisse, major corporations throughout the
and Herman Gref, CEO and Chairman of the Management Board of Sberbank, world. Credit Suisse has taken part
Russia’s largest financial institution, chair the MIFC Advisory Board, which is made in this annual survey since 2010,
up of a number of prominent individuals. Shortly after the meeting in October when it secured the 13th place out
2011, President Medvedev unveiled specific plans of action for various depart- of a total of 25 participating firms.
ments of the Russian government in order to drive the reforms forward.
In the 2011 survey, the bank
improved its ranking by five places,
moving up to the 8th position. The
members of Credit Suisse’s Open
Network comment: “We are delighted
to hear this good news. We shall
continue to contribute with ideas for
improvements so that we can maintain
a leading position in the future.”
Credit Suisse is also one of the first
companies to support the “It Gets
Better” movement. The initiative in-
cludes video material in which
employees recount their personal
experiences.

FPohtoot:o:MSuswtisers MBausntkierngmann  |  Muster Mustermann Best in Class Project Firefly

Euromoney magazine, one Launched as an independent global platform, Project Firefly aims
of the leading publications for to encourage university students to develop and refine their ideas
the banking community, has on pressing societal problems. Fifteen leading scholars from around
named Credit Suisse the best the world support this merit-based independent initiative. Project
private bank globally for the Firefly is a unique combination of an innovative platform for students
third ­consecutive year. and graduates, scholars with worldwide reputations to ensure
quality, and strong incentives for participation provided by enlight-
ened sponsors such as Credit Suisse. www.project-firefly.com

>

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34 Sponsorship

Young Artist Award Text: Shirley Apthorp

A Glimpse
Of the Future

Since it was brought to life 12 years ago,
the biennial Credit Suisse Young Artist Award has
gone to young musicians who have, without
e­ xception, gone on to enjoy major international
c­ areers. The announcement of a new winner
also feels like a glimpse of the future, a sneak
­preview of outstanding musical achievement.

bulletin 1/12  Credit Suisse

Sponsorship 35

Photo: Dieter Nagel W hen Michael Haefliger
phoned violinist Vilde
Vilde Frang, winner of the 2012 Credit Suisse Young Artist Frang to tell her that
Award. Born in Oslo, she is best known for great expressiveness she had won this year’s
and a high caliber of virtuosity, musicality and understanding prestigious award, he
of contemporary repertoire – an aspect which ties in well with was greeted by a wild
the Lucerne Festival’s support of new music and young artists. scream of joy. “In all the years of giving this
award,” he said, “I don’t think I’ve ever had a
response quite like that.” The Artistic Direc-
tor of the Lucerne Festival waited for the
25-year-old Norwegian to catch her breath
b­ efore going into detail about the prize, which
includes a concert with the Vienna Philhar-
monic Orchestra under Sir Bernard Haitink
at the 2012 Lucerne Festival next September.
“She convinced us as a violinist, as a person-
ality and as an artist of tremendous potential,”
Haefliger said, explaining the choice.

“In the decision process, we take many
things into account, including how much this
decision will affect the future of a young art-
ist in terms of giving a last push to a great
career. What we find most satisfying is that
we can really make a sustainable difference
for a young artist. It’s not a Nobel Prize for a
life’s work. Rather, it’s recognition for a young
person who has already spent a childhood
and youth dedicated to this job. This is a rec-
ognition of that enormous achievement – to
say that we support that, so that they are able
to realize their full potential.”

Not a Conventional Competition

As Head of the Credit Suisse Foundation,
which funds and administers the award,
Manuel Rybach knows that for the young art-
ists concerned, the win is worth even more
than the considerable sum of 75,000 Swiss
francs that it brings. He attended two days
of recitals, discussions and deliberations that
led to the 2012 award in Vienna as an ob-
server. “For me it was absolutely fascinating
and also, in a way, humbling to see the pas-
sion of these young musicians,” he observed
afterwards. “They’re individuals who are liv-
ing their lives for music, with music and be-
cause of music. I don’t think people in >

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36 Sponsorship

“An engagement at THIS be such a major accomplishment for a young ther decided I should play the violin instead,”
festival, with THIS orchestra, woman who already has recorded her third she recalls. “He said that there would be no
with a conductor who disc for the EMI label. She’s also performed room in our small family car for three double
has been my hero for years. at many of the world’s leading festivals, with basses, so we couldn’t go on holidays unless
It feels like paradise!” Vilde Frang many leading conductors, on numerous con- I played something smaller !” From the mo-
cert stages. “Oh !,” she exclaims with true ment she picked up her first violin as a
amazement. “Of course it is! The circus that 4-year-old, Frang never looked back. “It im-
comes with awards and scholarships and mediately felt right. And although I never
prizes is one thing. But an engagement like found practicing in itself intriguing, it was
this is altogether something else. That’s what always part of my day. To play was fun.”
makes it special – at THIS festival, with THIS
orchestra, with a conductor who has been At the age of 11, Frang impressed Anne -
my hero for years – it feels like paradise!” Sophie Mutter so profoundly that the eminent
German violinist began to play a role in her
An Innate Sense of Musicality life as a mentor; it is Mutter’s Freundeskreis
Stiftung that furnished the violin Frang plays,
Frang counts several previous recipients of a 19th-century Jean-Baptiste Vuillaume, and
it was Mutter who encouraged her, at the age
the Credit Suisse Young Artist Award amongst of 17, to move to Germany to study privately
with Blacher. The rest of the story is not yet
normal lines of work have anything compa- her friends, and she has given a recital as history; it seems rather to be a story that is
just beginning. Frang agrees. “This is one of
rable. We might have great and interesting part of the Lucerne Festival’s “Young” series. the great moments of my life; and I’m quite
sure the value of this award is something that
jobs, but that level of commitment is some- As a student of Kolja Blacher, concertmaster will keep growing as the years go by.”

thing else. You want them all to succeed, and of the Lucerne Festival Orchestra, she was For Frang, growing older also means
growing into repertoire that has taken her
it’s tough that there can be only one winner.” a regular visitor – and fan – of the Lucerne time to approach. As a young child, she says,
she could only listen to Mozart and Haydn;
Credit Suisse, the Vienna Philharmonic, Festival. A concert there with the prestigious Holst and Mussorgsky would have her trem-
bling with genuine terror, much to her sister’s
the Gesellschaft der Musikfreunde in Wien Vienna Philharmonic – not an orchestra which amusement, while Tchaikovsky would reduce
her to floods of helpless tears. “Music always
and the Lucerne Festival established the otherwise allots much programming space in had a very strong impact on me – maybe
too strong,” Frang says. “And it’s still the
award back in 2000 with the shared intent its calendar to lesser-known young soloists – same. It’s like certain words or notions – they
change their meaning as you go through life.
of supporting young talent and investing in is a dream come true. “I grew up with the When you are 10 years old, ‘love’ means one
thing; when you are 20, it means another
a collective cultural future at a significant Vienna Philharmonic’s recordings,” says thing; and when you are 70 years old, ‘love’
means something else again. The truth is
international level. It is not a competition in Frang. “I watch their New Year’s concert ev- gradually shifting; you just need to change
your approach.” ı
the conventional sense. Its five jury members ery year. I know these faces already and they
More Information
nominate one candidate each; the decision- don’t have a clue about me. So it’s a fantas- Frang plays with the Vienna Philharmonic under
Sir Bernard Haitink at the Lucerne Festival on
making process includes an hour-long recit- tic thing. The Lucerne Festival has been such September 14, 2012.
lucernefestival.ch
al covering a broad range of musical epochs a large part of my life for so many years.”

and an interview, and the jury reaches a ver- A further reason for Frang’s 2012 victory,

dict through open discussion and dialogue. according to jury member Peter Hagmann,

A Unanimous Final Decision was her innate sense of musicality in contem-
porary repertoire – an aspect which ties in

For the 2012 award the jury included Prof. well with the Lucerne Festival’s support for

Dr. Dieter Flury of the Vienna Philharmonic, new music as well as for young artists. “She

Dr. Peter Hagmann, critic for the Neue says that Mozart is important for her, that

Zürcher Zeitung, Dr. Thomas Angyan, Artis- Bach is important for her and she approach-

tic Director of the Gesellschaft der Musik- es the music of Lutoslawski with exactly the

freunde in Vienna and the American Acad- same self-evident attitude,” says Hagmann.

emy’s Pamela Rosenberg, former Artistic “She uses all her emotional power to commu-

Director of the Berlin Philharmonic, along nicate this to her public. I think that is a pre-

with Haefliger. The final decision in favor of requisite for an artist living in the here and

Frang was unanimous. “She has a range of now – that they can not only play this music,

colors in her playing that really surprised us but also recognize and care for it, fill it with

in someone so young,” said Rosenberg. “She’s emotion and communicate something of their

incredibly mature for her age and has expres- own. She does this in a very unique way.”

sive power and stylistic assurance and an im- No Room for Three “Double Basses”
mense honesty in performance – it really

comes from an inner connection to the music.” The daughter of a professional double bass

Something of that directness emerges in player, Oslo-born Frang always assumed that

conversation with Frang. Her chestnut hair she would also tend towards the bottom of

remains determinedly tousled even in photos the string group. Her older sister also played

and her eyes widen with astonishment at the double bass and as a toddler, it was the

the suggestion that another award might not instrument that defined her horizon. “My fa-

bulletin 1/12 Credit Suisse

Training the Creative Mind Text: Hugh Esten Sponsorship 37

Business Looks 01 01 Roger Wacker,
To the Arts 03 Managing Director
of Credit Suisse
Creativity, vision and imagination may not be typical Securities (USA),
courses in most business schools, but as the global member of the CalArts
economy continues to pose unexpected challenges, Board of Trustees,
these very qualities are now at a premium in the and Angelle Wacker.
business world. In 2010, an IBM survey of more than
1,500 CEOs in 60 countries identified creativity as the 02 John Lasseter,
most sought­after leadership skill for the 21st century. Chief Creative Officer,
Walt Disney and Pixar.

03 Kim Beom, “Objects
Being Taught They Are
Nothing But Tools,” 2010.

R oger Wacker, Managing 02
Director of Private Banking
(USA) for Credit Suisse and film director John Lasseter, who first
Securities, sees creativity explored the potential of digital animation in
as an essential aspect in the 1970s as an undergraduate. Failing to
interest The Walt Disney Company in his
the workplace. “Creativity vision, he instead found a willing collaborator
in Apple co­founder Steve Jobs. Together
should always have a strong place in the they created animation powerhouse Pixar.
Disney bought Pixar in 2006. Lasseter was
business world. Every business has its own hired to restore Disney, which introduced the
world to Mickey Mouse, to its former glory
unique challenges and professionals who as world leader in animated entertainment.

learn to think out of the box, including orga­ Supporters of CalArts and institutions
like it believe arts can play a bigger role in
nizations like Credit Suisse that foster such education. Credit Suisse’s Roger Wacker,
who is on the school’s Board of Trustees,
thinking, can not only survive the ups and believes the institute’s emphasis on innova­
tion can instill in students creative skills
downs of today’s economic environment, but needed not only in the arts, but in other dis­
ciplines as well. Gilbert Maurer, former pres­
thrive.”

A growing number of business leaders ident of Hearst Magazines, is a member of
CalArts’ New York­based Board of Over­
and academics in the US are exploring an seers. Maurer believes the future growth of
the developed economies will depend on the
expanded role for arts education as a way to creation of new industries. Public education
in the US, however, was designed to equip
foster creativity among the next generation. the workforce for the old manufacturing
economy. “We’re applying 20th­ century
For Credit Suisse, such involvement is part standards to children who will hold 21st­cen­
tury jobs. We need to create and maintain an
of its longstanding global dedication to the educational system that will support our po­
sition in the world,” he says. “Art probably
arts and education. In 2011, the bank be­ offers some of the best training for problem
solving, as creating art is a form of intellec­
came a supporter of Friends of CalArts tual challenge that has no easy answers.”

(FoCA). The group unites the most commit­ CalArts president Lavine believes “a ped­
agogy of creativity” can be applied throughout
ted donors to the California Institute of the the educational system. “We need a work­
force that is flexible, adaptive and highly cre­
Arts, a college north of Los Angeles best ative; and this requires an educational system
that develops these qualities in everyone,”
known for its experimental ethos. says Lavine. “Creativity is no longer a luxury.”
Through its support for FoCA, Credit Suisse
CalArts president Steven Lavine sees an continues to support the arts while nurturing
the creative workforce of tomorrow. ı
Photos: Steven A Gunther | Courtesy of Pixar | Scott Groller increasingly rapid convergence driving inno­

vation across the arts, business and technol­

ogy. “It’s a broader phenomenon than most

people imagine, especially if you think of the

prevalence of design in everything we see

and do today. The success of a company like

Apple is part engineering and part design. Or

Pixar, for example, combining technological

innovation with storytelling and visual arts.

These things tend to come together more

often in our contemporary economy.” Lavine

cites the example of one alumnus, animator

Credit Suisse bulletin 1/12

38 Sponsorship

Cape Festival

Music is
Another World

Lungiswa Bapela wakes early in a bed that she shares with several
younger cousins and an aunt, helping with a series of domestic
chores, all the while humming the soprano line of an opera chorus
by English baroque composer Henry Purcell. She heats water
on an oil stove to wash, irons her school blouse carefully and sets
off for a day of classes where she will share a prefabricated
classroom with some forty classmates.

A t the age of 16, Lungiswa “When you sing in the
has lost both parents and choir, you forget everything
a sibling. In this, she is no that happens at home.
different from many of the Music is another world.”
sixty children who crowd
into the classroom. When Lungiswa Bapela
the last class is over, Lungiswa helps push
the desks to the back of the room and stack
the chairs above them. It’s time for her fa­
vorite part of the day: choir practice. “When
you sing in the choir,” she says, “you forget
everything that happens at home. Music is
another world.”

Like hundreds of thousands of South Af­
rican schoolchildren, Lungiswa dreams of
growing up to become an opera singer.
Through her choir and national competitions
in which the choral group participates, she
has come into contact with the music of
operas and oratorios. Although she owns
very little, she has a voice. She knows that
her compatriot Pretty Yende, who is just a
dozen years older than her and comes from
a similar background, is now performing at
Milan’s La Scala, and Lungiswa hopes that
she can follow in her footsteps.

Unlike most of her peers around the coun­
try, Lungiswa already has the experience of
one opera staging under her belt and is now
preparing for a second. Lungiswa’s choir
conductor, Siyabulela Sulelo, worked his way
up to the University of Cape Town’s opera
course before economic constraints drove
him back to school teaching. He is deter­
mined to offer his young charges a better
future. A visiting professor of choral con­

bulletin 1/12  Credit Suisse

“We believe that South Sponsorship 39
Africa can meet the rest of
the world at intellectual Masthead
eye level in music theater.”
118th year of publication, issues
Shirley Apthorp published regularly in English, German,
French and Italian
Choir conductor
Siyabulela Sulelo Publisher
is determined Credit Suisse AG
to offer a better future (HCGP)
to young singers. CH-8070 Zurich
A full staging of Purcell’s SWITZERLAND
“The Fairy Queen” Phone: +41 (0)44 333-1111
is set for 2012.
Editorial Team
Photos: Images courtesy of Umculo / Cape Festival ducting put him in touch with Umculo / Cape all believe they can sing their way to a better Daniel Huber Head of Print Publications
Festival, an international initiative that sup­ future.” The production brings a strong cast Stefan Behmer Editor-in-Chief
ports social change through music in South of African soloists together with 30 members
Africa. Sulelo arranged for his choir to be of Sulelo’s choir. Andreas Schiendorfer (Editor)
included in their 2011 production of Henry Claudia Hager (ch)
Purcell’s “King Arthur.” Musicians from the Lucerne Festival Alice Ratcliffe (air)
Orchestra will join young instrumentalists
King Arthur brought Lungiswa and her from the South African National Youth Bulletin On-line Editor: Schirin Razavi (sr)
peers into contact with German stage Orchestra. A full staging will be presented in
director Robert Lehmeier, Dutch conductor Johannesburg and Cape Town between Contributors to this Issue:
Gerben Grooten, an orchestra of baroque March 23 and April 1, 2012. “We believe that Shirley Apthorp, Diane Baumann, Joy Bolli,
instruments, professional opera singers and South Africa can meet the rest of the world Maxime Botteron, Hugh Esten, Marco Falbo,
choirs from other communities. This specific at intellectual eye level in music theater,” says Willy-Andreas Heckmann, Regula Huegli, Ste-
production was such a success that Umculo Apthorp. “Commercial productions are all fan Leins, Ingo Petz, Elizabeth Rudall, Stefanie
resolved to follow it with a more ambitious very well, but unless we invest seriously in Schramm, Cushla Sherlock, Inge Waldinger,
project. The organization that is run by a ded­ music education, most of these youngsters Nora Wassermann
icated international team of volunteers and will never be able to realize their potential.” 
music professionals will present a full stag­ Editorial Committee
ing of Purcell’s “The Fairy Queen” in March More information Nicole Brändle Schlegel, René Buholzer,
of 2012, with a view to touring with the pro­ Umculo / Cape Festival, founded in 2010, works Urs P. Gauch, Anja Hochberg, Angelika Jahn,
duction in Switzerland and Germany in 2013. on a strictly non-profit basis. For more Bettina Junker Kränzle, Hanspeter Kurzmeyer
“The talent of these young singers is incred­ information, please visit www.capefestival.com.
ible,” says Umculo’s director Shirley Apthorp, ISSN registration:
“but what really motivates us is their optimism. ISSN 1423-1360
They’re all passionate about music, and they
Design / Layout / Project Management:
w w w.a r n o l d.inha l t un d for m.c o m

Proofreading: Text Control AG
Translations: Credit Suisse Language Services
Printing: Swissprinters Zürich AG, Switzerland

Contact  / Advertising:
E-mail: [email protected]
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Reprints of Articles:
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(Credit Suisse bulletin)

This publication is for information purposes only.
It does not constitute an offer and is not a rec-
ommendation by Credit Suisse to buy or sell
securities. Indications of past performance are
no guarantee of a positive performance in the
future. The analysis and conclusions contained
in this publication were established by Credit
Suisse and may already have been used for trans­­
actions by Credit Suisse Group companies
prior to being made known to clients of Credit
Suisse. The opinions expressed in this docu-
ment are those of Credit Suisse at the time
of going to press. We reserve the right to make
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Corporate Responsibility 41

Corporate Responsibility News

UK Charity of Credit Suisse employees participate in a program
the Year sponsoring the Child’s Dream project in Laos.

Centrepoint, a UK group provi­ding housing and support to homel­ess Children’s
young people, has been named Credit ­Suisse UK’s charity of the Initiatives
year for 2012. Each year the bank’s employees in the UK vote for the in Asia
charity for which they would like to raise funds over the next twelve
months. The benefits include a grant from the Credit Suisse EMEA Room to Read, which helps underprivi­
Foundation. In addition, a member of the chosen charity’s staff is leged children get an education by
also seconded to our Citizenship team, supporting the employees in providing literacy programs, tutoring and
fundraising activities on behalf of the charity over the running year. scholarships, was in focus during
In 2011, the organization that was awarded this distinction was a client dinner hosted in Indonesia by
The Children’s Trust. It provides care, as well as education, therapy Credit Suisse. At the event, held in late
and rehabilitation to children with multiple disabilities. It raised a 2011, clients donated generously – over
total of over 900,000 British pounds thanks to the program. 50,000 US dollars – towards strength­
ening Room to Read’s operations in
A resident at Centrepoint’s Berwick Street centre in Indonesia. The bank first partnered with
central London. Room to Read in 2005 following
the devastating tsunami in Southeast
A Class Act Asia. Credit Suisse is also involved in
other initiatives in the Asia Pacific region,
FPohtoot:osM:uCsteenrtreMpusoitnetr  |m anCrn e |d itMSuusitsesreMustermann Credit Suisse employees have school. Their efforts included including China’s Little Sisters preschool
adopted a hands-on approach to refurbishing classrooms, painting program, which was supported by a
volunteering at a local school in and installing wiring, bringing in grant of 150,000 US dollars. As part of
Nassau, the capital of the Baha- modern computers and ordering the Half the Sky Foundation, it offers
mas. They planned at first simply new desks. Besides these dona- hope and a family environment to
to donate IT equipment and offer tions of time and assistance, the orphaned and abandoned children in
business lectures. But after project received 25,000 US dollars China. Additionally, Credit Suisse – with a
paying a visit to C.R. Walker High from the Credit Suisse Americas donation of almost 150,000 US dollars –
School, 20 volunteers took things Foundation. The employees will is also the largest corporate sponsor of
a step further by deciding to do continue to volunteer throughout the Child’s Dream Foundation, which
renovations and repairs at the the year to support the school. works to improve education and health
care for children in Thailand, Cambodia,
Myanmar and Laos.

>

Credit Suisse  bulletin 1/12

42 Corporate Responsibility

Education Project in Zambia Text: Joy Bolli

Inclusive Education

In Zambia, only 10 percent of children with disabilities have the ­opportunity to attend school.
Leonard Cheshire Disability, a partner organization of Credit Suisse, makes it possible
for these children to participate in classroom education, and thus be fully included in society.

bulletin 1/12  Credit Suisse

Corporate Responsibility 43

Photos: Flavio Gerber

01 01 Children with learning
02 disabilities in Zambia
are given the opportunity
to attend classes
thanks to the inclusive
­education program
run by Leonard Cheshire
­Disability.

02 Will Kelvin Zimba be an
artist one day ? Despite
his learning disability he
goes to school.

K elvin Zimba is nine years old. “First of all, we had to learn to recognize dis-
He is a bright boy who loves abilities, to understand them and to find ways
ball games. He is also proud of developing each child according to his or
and happy to be able to at- her abilities,” Mercy Sakala explains. This
tend school. Kelvin lives with wasn’t always easy. “In the beginning, we
a learning disability. When found it difficult to include these children in

he writes, he uses only short, uniform, wavy our teaching,” Mercy recalls. “But it became

lines. “He has his own language,” says his much easier thanks to the training in Inclu-

teacher Mercy Sakala. “Whether it’s English, sive Education Leonard Cheshire Disability

maths or music, Kelvin writes everything us- provides.”

ing wavy lines, repeated over and over.” She Inclusive Education
tells us that she’s proud of this boy who is

d­ etermined to learn. “We give Kelvin more oral Inclusive education aims to teach disabled and

tasks than written assignments. That way, he non-disabled children at the same time. This

can progress alongside his classmates.” is done through providing physical accessi-

One in Ten Children bility in the schools, training teachers and
working closely with the parents themselves.

In Zambia, it is estimated that only one in ten By doing so, it promotes the inclusion of chil-

children with disabilities attend school. There dren with disabilities and their parents into

continues to be a stigma and discrimination the lives of the communities. “What’s >

around disability and this leads to some chil-

dren being kept at home rather than being “Just because people
able to attend school. Just as importantly,
lack of accessible classrooms and trained have a disability, it doesn’t
teachers means children with disabilities are mean they should
unable to receive the benefits of education. be hidden from society.”
Kelvin is one of 47 disabled children who at-

tend lessons at the Kazemba Basic School. Miyoba Hamuhuma

Credit Suisse  bulletin 1/12

44 Corporate Responsibility

Photos: Flavio Gerber more, the children are not segregated,” ac-
cording to Miyoba Hamuhuma, the National
03 Coordinator for Leonard Cheshire Disability
in Zambia, adding that “just because peo-
03 All children benefit when ple have a disability doesn’t mean that they
disabled and non-disabled have to be hidden away from society.” Leon-
study and play together. ard Cheshire Disability provides comprehen-
sive support for teachers. With the help of
04 Leonard Cheshire Disability partners such as Credit Suisse, the organi-
trained teachers of the zation equips schools to meet requirements
Kazemba primary school of children in the surrounding area. In Ka-
in applying different zemba, for instance, ramps were installed to
teaching methods. allow wheelchair access to classrooms and
lavatories. Headmaster Leonard Himunjile
04 welcomes the collaboration: “With Leonard
Cheshire Disability we educate parents, help-
Leonard Cheshire Disability ing them to understand their children’s needs
Leonard Cheshire Disability works in the UK and with independent, locally managed and sending them to school.”
partners in over 50 countries, many of whom share the Cheshire name. Together
they support over 300 disability and development organizations that, in turn, Unfolding The Full Potential
support people with disabilities to access quality inclusive education, livelihoods,
health and rehabilitation services and a voice in their societies. The charity’s Miyoba thinks that the direct cooperation with
work is underpinned by campaigns to change attitudes and policies, as well as parents is particularly important: “We have
a disability and development research center run jointly with University to create an awareness that disabled peo-
College London. Credit Suisse supported Leonard Cheshire Disability through a ple also count for something in society.” He
grant awarded in 2011 as part of its Education Initiative. speaks from experience, because he himself
contracted polio as a child. Since then he
Credit Suisse Global Education Initiative has been unable to walk. In the early years,
The Credit Suisse Global Education Initiative was launched in 2008 with he tried to get by with the help of friends. “If
the objective of improving educational opportunities for about 45,000 young someone has to help carry you – as well as
adults all over the world through partnerships with selected international your heavy wheelchair – up and down three
development organizations. Geared to local needs, the programs aim to provide staircases whenever there’s a break, if you
children and young adults with better access to education and to improve the always have to ask your friends whether
quality of their educational opportunities. they’ll help you go to the toilet, which is inac-
For more information, please visit: cessible to wheelchairs – that can’t carry on
w w w.cre di t - suisse.c om/re sp onsibili t y/fo cus t heme s for years without problems. At some point, it
simply puts too much pressure on the friend-
By scanning the QR code you can watch a short film about ship.” Miyoba looked for a solution, partly to
the work of Leonard Cheshire Disability in Zambia. For further avoid losing his friends but mainly to regain
information, please visit: his dignity. “Leonard Cheshire Disability was
w w w.cre di t - suis se.c om/re sp onsib ili t y exactly what I needed to get my life back on
the right track again,” he explains. “As well
as getting support with my school education,
I also found a good job: Nowadays I manage
the organization’s activities in Zambia.”

Miyoba makes no secret of the fact that he
likes to serve as an example to others. So he
also regards it as his duty to visit the schools
that are supported by Leonard Cheshire Dis-
ability. At the same time, he checks out their
accessibility with his own wheelchair and he
talks with the children. “I think it’s important
to show them that with a disability, you can
still go a very long way.”

Kelvin’s grandmother, who looks after him,
says, “The boy has plenty of talent. We are
full of hope,” she adds: “He hopes to become
an artist one day!” ı

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Making the MostMentoring Advisory Group Text: Diane Baumann Corporate Responsibility 45

Of Female Talent that exists in many industries today, thus un-
dermining their long-term competitiveness.
Despite comprising almost half of the global workforce, women
are underrepresented in senior executive positions and in boardrooms There are numerous reasons given to ex-
across the world. To promote constructive change, Credit Suisse plain why women don’t progress as quickly
has introduced a special mentoring program in its own organization. to top jobs as their male peers, but it has
been difficult to create a causal relationship.
W omen lag in job rank MAG participants However, one factor that is seen as being
and pay at every stage working on business critical to accelerating women’s careers is
of their careers, ac- cases: The program sponsorship by more senior executives. Ef-
cording to a study by actively contributes fective sponsorship is a virtuous cycle: It in-
Catalyst, a non-profit to the improvement of creases a woman’s visibility and exposure to
think-tank that studies the gender balance boards, which in turn ensures she is consid-
women and their opportunities in business. within Credit Suisse’s ered for key promotions and more senior
The researchers followed the careers of more senior leadership. roles when the opportunity arises.
than 4,000 men and women in the US, Eu-
Photos: Credit Suisse rope, Canada and Asia who graduated from Credit Suisse has taken these insights to
full-time MBA programs between 1996 and heart by creating its own sponsorship pro-
2007 and worked full-time at the time of the gram for its most talented senior women.
survey in 2007–2008. The Mentoring Advisory Group (MAG) is an 18-
month program consisting of classroom in-
A Waste of Talent struction, group assignments on high-profile
projects, peer coaching and regular mentor-
The OECD comes to the same conclusion. ing by a Credit Suisse Executive Board mem-
New female entrants in the labor market in ber. Participation is by invitation only. The first
the OECD countries have comparable and edition of MAG started in 2011 with 30 wom-
often higher education than their male peers, en from the company’s senior ranks. A total
but they are less likely to progress in their of five classroom sessions, each lasting two
careers and are on average paid 16 percent days, will take place during the 18 months.
less than men. Furthermore, the gaps are
wider the more senior the position is. “The Changing the Status Quo
‘glass ceiling’ results in a waste of investment
in women’s human capital, a loss of talent in Each participant is paired to an Executive
the economy and a loss of diversity in deci- Board member, who serves as her sponsor
sion-making positions,” the OECD concluded and coach. Mentoring sessions take place
in 2011. regularly. The mentees can talk about any-
thing they want, from seeking advice on how
Mentoring Matters to deal with a specific leadership challenge
they face to discussing general strategic top-
Creating more gender equality in senior man- ics for the bank.
agement is high on the strategic agenda at
most large private sector companies. At a “This program will help us change the sta-
time when the overall talent pool has shrunk tus quo,” says Brady Dougan, CEO of Credit
due to lower birth rates in recent decades, Suisse and one of the sponsors. “We are cre-
companies realize that by not fully utilizing ating a group of female role models who will
their available pool of female talent, they lead the way for other women to step in their
could be exacerbating the skills shortage shoes and improve the gender balance at the
top level of the firm.”

Women account for 37 percent of Credit
Suisse’s total staff, whereas 16 percent of its
senior leadership (directors and managing
director positions) are female. Credit Suisse
wants to increase the representation of wom-
en in senior leadership positions across its
global operations. Michelle Gadsden-Williams,
global head of diversity and inclusion at
Credit Suisse, adds: “Our message to our
female senior leaders at Credit Suisse is,
‘Your development is very important to us.
Our goal is to ensure that you are supported
and that we offer the right opportunities to
advance’.” ı

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46 Corporate Responsibility Text: Elizabeth Rudall

Cathy Freeman Foundation 01

Pathways to
Success

When Olympian Cathy Freeman retired from the world of
competitive running, she thought hard about how she could
use her profile as a gold medalist to make a difference
in an area she felt passionate about – Indigenous education.

C athy’s mother and grand- 02
parents were born on the
small, remote tropical Palm ing targeted programs aimed at promoting torian ski resort town of Mount Buller, includ-
Island, about 15 minutes by
light plane from Townsville and encouraging positive education out- ing the help of volunteers to assist with ev-
in far-north Queensland.
One of the largest Indigenous communities comes, recognizing those who meet key erything ranging from cooking sausages for
in Australia, the island is home to approxi-
mately 3,800 people including an estimated education milestones and rewarding those community barbecues to providing mentoring
1,000 school-age Indigenous children. This
felt like a natural place for Cathy to start. children who attend and achieve at school. support programs.

With an unemployment rate of more than CFF is based in Melbourne, with an es- For many of these children, going to near-
90 percent, a very low school attendance
rate and approximately nine out of 10 of 7th tablished office on Palm Island. There are by Townsville would be significant enough,
grade students unable to read and write at
a minimum national standard, Palm Island is four Palm Island staff members who work but the notion of traveling to capital cities
considered the fourth most disadvantaged
community in Australia. With this in mind, directly with the community and deliver the such as Sydney or Melbourne for these
Cathy got to work to set up the Cathy Free-
man Foundation (CFF ). “In a nutshell the education programs, which focus on the ar- camps may be a far-off dream. Some chil-
greatest motivation behind setting up the
CFF in 2007 was to put my name and my eas of school attendance, literacy and be- dren don’t even own the shoes required to
story to something that was of great mean-
ing to me – and that is Indigenous education,” havior. One of these is the Horizons Pro- get on a plane or ferry to leave the island.
Ms Freeman said, when visiting the Credit
Suisse Melbourne office recently. “The main gramme – which incentivizes, recognizes and Given the tropical nature of the island, the
driver was the fact that I want to help the
children of Palm Island explore their talents, rewards students who reach key criteria with idea of playing in snow is a world away.
achieve in school and fulfill their dreams.”
interstate camps. With Credit Suisse’s sup- Striving to Achieve Brings Results
The Cathy Freeman Foundation has a very port in 2012, the CFF will be supporting three
clear aim, to bridge the education gap be-
tween Indigenous and non-Indigenous chil- camps – in Sydney, Melbourne and the Vic- “These camps open up a whole new world
dren in Australia, and to provide them with
pathways to success. It does this by deliver- and horizons for these wonderful children.

The support from Credit Suisse will also pro-

Learn more about our social commitment: vide positive role models to highlight the
w w w.cre di t - suis se.c om/re sp onsib ili t y/so ci et y important role education plays in creating a

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Corporate Responsibility 47

Photos: Ross Bird Photography is approximately 16 –17 years less than the
overall Australian population born over the
03 same period. CFF works in partnership with
the schools, elders, council, police and com-
04 01 Australia CEO David munity leaders on Palm Island to identify the
Livingstone and major issues facing the community with re-
brighter future,” said CFF Chief Executive Cathy Freeman at the gards to children and educational outcomes
Officer Sonya Stephen. “The changes we see Credit Suisse offices and finding the way to tackle the issues and
in these kids once they return from a camp, in Sydney. reverse some long entrenched intergenera-
which usually last for about 5 days, are ex- tional patterns.
traordinary. They recognize that education 02 Back to the roots: Cathy
and striving to achieve brings results.” Freeman on Palm Island. Rewarding School Achievements

Employees will be invited to travel to Palm 03 One of the camp excur- CFF programs are incorporated into the ed-
Island to volunteer either at sporting activi- sions to Mount Buller ucational structure of the two Palm Island
ties throughout the year or at educational with Credit Suisse volun- schools and provide a holistic “whole of com-
award ceremonies at the end of each school- teers. munity” approach to achieve positive results
term, rewarding children for improvements in this vitally important and needy area. The
in literacy, attendance and behavior. The 04 Helping the children of CFF Horizons Programme has been reward-
support is very welcome. Palm Island itself Palm Island to explore ing school achievers since 2009, based on
is characterized by high fertility, prema- their talents, achieve in merit, attitude and their desire to achieve,
ture mortality and a young age distribution, school and fulfill their serving as an incentive to students and help-
with 35.7 percent of the population under the dreams. ing them to achieve goals beyond their ex-
age of 14 years and a median age of 22 pectations.
years. Typically, Indigenous Australians born
in the period 1996 – 2001 are estimated to “The Cathy Freeman Foundation is under-
have a life expectancy at birth of 59.4 years taking incredible work and achieving suc-
for males, and 64.8 years for females. This cess,” Credit Suisse CEO, Australia, David
Livingstone said. “We are excited to be able
to support these programs, while also pro-
viding our staff with the opportunity to
become involved with this great organization.”
The partnership officially commences in Jan-
uary 2012 and staff are already being invited
to get involved. “We are really looking to
provide a focus for our charity efforts in Aus-
tralia, toward an organization that epitomizes
our mission of supporting education for
underprivileged children,” said Mr Living-
stone. “We are channeling our funds and ef-
forts so we can make a real difference in the
lives of Indigenous Australian children.”

Ms Freeman echoed this sentiment: “The
Cathy Freeman Foundation is very proud and
honored to have a partner in Credit Suisse.
It’s not just an opportunity for us to work
together, it’s an opportunity for us to create
wonderful change in this great country of
ours. We’re very thankful, and I look forward
to creating magic together.”  ı

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48 Corporate Responsibility

“Companies noRoundtable Interview: Willy-Andreas Heckmann

longer have
the luxury of time”

Giles Keating, John Tobin and Stefan Keitel discuss how to
integrate an analysis of environmental, social and governance
(ESG) issues into the investment process. They also explain
why total assets incorporating ESG analysis currently exceed
6 trillion US dollars globally.

> Photo: Cedric Favero, Getty Images

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