Ma`rifat Adyan

In the early 2011, the Vatican's Papal Council for Justice and Peace proposed some strategies inspired from the view of Christian economy for solving economic crises by issuing an analytical declaration on the financial crisis of 2008. It is important to analyze this declaration as a first step towards the interaction among the various monotheistic religions to solve the economic problems in the world. The present paper tries to analyze this declaration by taking into account its roots in Christian economic approach and the theoretical and practical achievements of Islamic banking. A library and analytical method is used in this research. The research findings indicate that although the aforementioned declaration enjoys some merits such as giving attention to the moral roots of economic crises, it suffers from some defects. For example it does not a strategic analysis of the main roots of the financial crisis including establishing unjust usury structure and widespread gambling-based speculation in the most part of world's monetary and financial system. A drastic solution for the crisis should be based on designing and implementing the system of contribution in loss and gain. According to Islamic approach, the formation and management of world's economic and financial system can avert many crises by paying attention to the role of market, state and ethics as well as the formation of international supporting and monitoring institutions.