Shaykh Abdul Aziz Al-Raajihi was asked:
What is the ruling on establishing parties after the end of study and graduation?
”I do not know of any harm in this if he establishes a party, for example, for honoring the outstanding [students] or honoring the parents. I hope there is no harm in that because in the intent of its establishment is not the belief that it is Sunnah. It is only from the way of encouragement for the students and guardians. [This is] if it [the party] is upon a form that does not agree with the enemies of Islam.”
[Reference removed since it no longer exists]
Faisal Ibn Abdul Qaadir ibn Hassan