What is the ruling on sitting in a circle after the Fajr prayer to read a portion of the Qur’an daily, whereby each participant reads two pages to complete the Qur’an monthly, and is this practice considered an innovation (bid‘ah)?

What you are doing by gathering in a house of Allah to recite the Qur’an and listen to one another until you complete it, is considered among the best acts of drawing near to Allah. This is based on the Prophet’s (peace and blessings be upon him) saying: "No group of people gathers in one of the houses of Allah, reciting the Book of Allah and studying it among themselves, except that tranquility descends upon them, mercy envelops them, angels surround them, and Allah mentions them to those with Him." It is important to note that adhering to a specific time for recitation should not be believed to be a Sunnah, as it would then become an additive innovation (bid'ah idafiyyah).