Is it permissible to participate in Quranic competitions and receive financial prizes for doing so?

The jurists have agreed on the permissibility of taking and giving compensation in horse, camel, and archery races if the compensation comes from one of the competitors or from an external party. They differed on other types of races, such as foot races, and also on religious competitions like Quran memorization, with the preponderant view being permissibility. Ibn al-Qayyim argued for the permissibility of competitions involving knowledge by analogy with Abu Bakr's wager with the Quraysh polytheists, and because religion is established through evidence and jihad. Thus, if wagers are permissible for instruments of jihad, then their permissibility for knowledge is even more fitting. Furthermore, jurists have permitted making an offer (compensation) in jurisprudential matters if it comes from one party, for the purpose of strengthening the religion. It is also permissible to take compensation for wrestling and foot racing if the intent is to support Islam. In summary, the permissibility of compensation in religious competitions is indicated by two matters: Abu Bakr's wager, which the Prophet, peace and blessings be upon him, affirmed, and the analogy of scholarly matters with horse, camel, and archery races. The commonality between them is strengthening the religion and exalting the word of Allah.