Purify your Wealth
The most common form of riba’ these days is interest, whether that paid on bank accounts or loans. Interest is strictly forbidden in Islam and to accept or deal in it is a major sin. Interest is forbidden as it is a socially unjust mechanism for lending money. It benefits the rich to the detriment of the poor and also does not involve any investment risk for the lending party.
If one has interest money from a bank account or elsewhere many scholars recommend this money is given to a charitable cause with the understanding one will not receive any reward for the donation. The money should be used by the charitable organisation to help the poor and needy.
“O believers, take not doubled and redoubled interest, and fear Allah that you may prosper.” (Surah Aal-Imran, verses 130-2)