Is it permissible to be released from a covenant with Allah to regularly perform the Fajr prayer on time, by paying a sum of money as a penalty for non-compliance, and what is the ruling on this paid money?

God has urged the fulfillment of covenants, and whoever makes a covenant with God concerning something and does not fulfill it, must offer an expiation for a broken oath (kaffarat yamin). So, whoever says, "Upon me is the covenant of Allah," and then does not pay the mentioned amount, must offer an expiation for a broken oath. This expiation is to feed ten needy persons, or to clothe them, or to free a slave; or, for those who cannot afford these, to fast for three days. Paying the money out of righteousness for the oath carries great reward.