Is a Quran memorization competition permissible with a financial prize derived from the participants' entry fees, and does Islam approve of that?

There is no harm in offering and receiving prizes in competitions for memorizing the Holy Quran, whether the prizes are from a third party or from the contestants themselves. This is because it is analogous to competitions involving compensation for arrows, camels, and horses, as it entails supporting the religion. This applies specifically to competitions for memorizing the Quran and Sunnah, due to the effort exerted and the increase in the number of memorizers. However, offering prizes merely for completing a recitation of the Quran (khatm) is questionable, and the more apparent view is that it is not permissible, as it involves showing off deeds and material competition, which may affect sincerity. Sheikh Abd al-Rahman al-Barrak has issued a fatwa stating that using schedules for competing in acts of worship might be an innovation (bid'ah) because it involves boasting and showing off deeds, when concealing them is better. Therefore, encouragement should be given for completing the recitation of the Quran without organizing competitions or disclosing the number of recitations.