Since Charity is encouraged and interest is forbidden in an Islamic economy, it's likely that hoarding wealth would decrease.
Money itself is viewed entirely different in an Islamic economy. It's merely a means of exchange - doesn't have an intrinsic value. So in that case, it's actually quite pointless to hoard money (it's just a bunch of electronic numbers or sheets of paper...).
Economically speaking, it's better if money is spent and Islam provides numerous avenues of distributing wealth.
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