What is the ruling on a challenge that relies on setting a financial penalty in case of failure to achieve goals, and a financial reward in case of achieving them? And is it considered gambling?

This act is impermissible and involves several prohibitions:

1. Competing for money is only permissible in what is explicitly stated in the Islamic texts (horses, camels, and archery). 2. It falls under prohibited gambling, which is consuming wealth through falsehood. 3. Financial penalties are considered ta'zeer (discretionary punishment), and ta'zeer is the prerogative of the judge, not individuals. 4. Displaying good deeds in this manner may lead to riya' (showing off) and corrupt the deed. Therefore, this challenge must be canceled, and suffice with cooperating in righteousness and piety through reminding and advising.