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This article is aimed to explore the economic viewpoints of late Dr. Maḥmūd Aḥmad Ghāzī in the context of contemporary economic issues. Appling descriptive and analytical research methodology, the writer has tried to describe and analyze Ghāzī’s approach towards contemporary economic issues. Being an Islamic scholar and keeping deep insight into Islamic economics, he highlights contemporary economic issues and, in the light of Qur’ān and Sunnah, suggests their solution. In the present era, Muslim Ummah confronts various economic issues for example: the effect and promulgation of capitalistic system, social demotion, the violation of ethical values in economy, the practice of financial corruption in trade, concentration of wealth, interest-based fiscal system and interest-based banking system etc. Dr. Ghāzī describes the importance of Islamic teachings in the economy. He discusses the importance of moral values. He throws light on the key role of state in the economy. He mentions the factors and causes that strengthen the concentration of wealth. He also considers it an essential responsibility of a state to ensure the provision of economic needs of a common man in an optimized way. He deems it the responsibility of the society, along with the state, to fulfill the needs of the needy through zakāt, ‘ushar and charity. He presents the concept of sustainable economic development. He considers it essential that a man, along with material progress, must bear in mind his spiritual, moral and civilizational demands. According to him, banking system may get rid of interest by making maximum use of Muḍārabah and Mushārakah. The narrative style of Dr. Ghāzī is simple and lucid. This research concludes that Dr. Ghāzī was an eminent scholar, and he has addressed almost all important economic issues. [ABSTRACT FROM AUTHOR]