Ash-Shaykh Saalih al-Fawzaan Hafidaho-Allah was asked the following question:
What is the ruling on preparing a banquet in the schools that are designated for the memorization of the Noble Quran. When the student completes the memorization of the Book of Allaah some of the public along with the students are invited to come while a banquet is made for him bearing in mind that some people said that this [action] is an innovation.
No never! This is not an innovation. There is no harm in that since it is from the act of rejoicing by manifesting joy for the occurrence of goodness and it is an encouragement to memorize the Quran. While Umar bin al-Khattaab performed a banquet when he completed the memorization of Surah al-Baqarah. Therefore, there is no harm in that since it is from manifesting joy and happiness and a means of encouragement for those memorizing. So there is nothing wrong with it In Shaa Allah.
AbdulFattaah Bin Uthman