Is holding a banquet in the mosque to celebrate the completion of the Noble Quran considered an innovation (bid'ah)?

It is permissible to hold a feast or celebration to mark the completion of memorizing the Holy Qur'an, provided it is an act of gratitude to Allah, free from extravagance and ostentation, and not believed to be a Sunnah. However, if those organizing it believe it to be obligatory or a Sunnah, then the apparent ruling is prohibition, as this was not transmitted from the Prophet (peace be upon him) or his Caliphs. It is commendable for the organizer to clarify to attendees that it is not a Sunnah, but rather an expression of gratitude for Allah's blessing. The Permanent Committee for Scholarly Research and Ifta has stated that a feast for completing the Qur'an is an innovation (bid'ah muhdathah), as it was not transmitted from the Prophet (peace be upon him) or the Rightly Guided Caliphs.