This is apparently the traditional way:
You don’t burn them. You never, ever burn them. An unwanted holy book, be it Jewish, Christian, Muslim, or any other scripture, can be disposed of humanely and appropriately, but not burned. A holy book is afforded the same respect as a human being in every religious tradition in the world — except, apparently, the one practiced by one pastor in Florida. You bury them.
via Jon M. Sweeney: How to Properly Dispose of Unwanted Holy Books.