“O you who believe! Fear Allah and give up what remains [due to you] of interest, if you should be true believers.” (Qur’an 2:278)
Islam forbids interest (Riba), both receiving and paying it. Many of us can end up accumulating interest through our bank accounts even if we don’t want it, so what should we do with Interest money?
Since it is not permissible to utilise interest for one’s own benefit one should give it to charity. Although there is no religious reward for doing so it at least disposes of the haram funds in a shariah-compliant way.