What is the ruling on holding a Quran recitation competition for children with prizes awarded to encourage them?

Organizing Quran memorization competitions for children is a good thing if the intention behind it is to encourage them to memorize the Book of Allah from a young age. There is no harm in encouraging them with prizes and gifts, and those who organize it will receive reward and recompense. This is a form of cooperation in righteousness and piety, as Allah Almighty said: (And cooperate in righteousness and piety).