Short answer
No. The Vessantara Jataka is a story of the Buddha's past lives, told in a thousand verses. In it Prince Vessantara gives his two small children to an old brahmin, Jujaka. As he pours the water of the gift, he cries that omniscience is dearer to him than his son, a hundred thousand times over. The story says the earth quaked at the gift. Jujaka ties the children's hands and beats them until they bleed, before their father's eyes. Vessantara stills his grief by quieting his affection. At the end the Buddha says that he himself was Vessantara, and his own son Rahula was the boy. Islam does not count this as virtue. The Prophet (ﷺ) told believers to begin their giving with those they look after.
Full explanation
The gift of the children
Vessantara, a prince famed for giving, is living in the forest. He gives his two small children to an old brahmin, Jujaka. He pours water as the sign of a gift, praying that he may become all-knowing. He cries that omniscience is dearer to him than his son a hundred thousand times over. The story says the earth quaked.
“Then he took water in his waterpot, and calling the brahmin to come near, he poured out the water, praying that he might attain omniscience. "Dearer than my son a hundredfold, a thousandfold, a hundred thousandfold is omniscience!" he cried, making the earth resound, and to the brahmin he gave this precious gift of his children.”
“Then was there terror and affright, and the great earth did quake, What time the king with folded hands bestowed the children both;”
Beaten before their father
Vessantara is joyful at the gift as he looks at his children. Jujaka ties the boy's hand to the girl's with a creeper and drives them off, beating them until the skin is cut and the blood runs, before their father's sight. When grief rises in Vessantara, he quiets his affection and sits still.
“When the Great Being had made the gift, he was joyful, thinking how good a gift he had made, as he stood looking upon the children. And Jujaka went into the jungle, and bit off a creeper, and with it he bound the boy's right hand to the girl's left, and drove them away beating them with the ends of the creeper.”
“And then the brahmin, staff in hand, holding the creeper tight, Beat them and drove them on and on before their father's sight.”
“Where he struck them, the skin was cut, the blood ran, when struck they staggered against each other back to back.”
“Then he thought: "All this pain comes from affection, and no other cause; I must quiet this affection, and be calm." Thus by power of his knowledge he did away with that keen pang of sorrow, and sat still as usual.”
Given as slaves, and bought back
Jujaka later tells the children's grandfather, the king, that Vessantara gave them to him as slaves. The king pays the price and frees them. At the end of the story the Buddha says who each person was: his wife was Maddi, his son Rahula was the boy Jali, and he himself was Vessantara.
“It was the King Vessantara, in forest lands who lives, Gave them as slaves, who like the earth to all suitors freely gives.”
“The king bade pay the price for the children.”
“At that time, Devadatta was Jujaka, the lady Cinca was Amittatapani, Channa was Cetaputta, Sariputta was the ascetic Accuta, Anuruddha was Sakka, King Suddhodana was King Sanjaya, Mahamaya was Phusati, Rahula's mother was Queen Maddi, Rahula was Prince Jali, Uppalavanna was Kanhajina, the followers of Buddha were the rest of the people, and King Vessantara was I myself.”
Begin with those you look after
The Prophet (ﷺ) said that the best charity comes from what is spare. A person, he said, should begin with those he looks after. When a man wanted to give all his wealth away, the Prophet (ﷺ) refused. It is better, he said, to leave your heirs rich than begging. He taught that a man's wife has a right over him. The Qur'an tells believers to guard their families. It tells them to pray for spouses and children who will be the comfort of their eyes.
The Prophet (ﷺ) said that the best charity is given from what is spare, and that one should begin with those one looks after.
Sa'd ibn Abi Waqqas, ill in Mecca, asked the Prophet (ﷺ) whether he might leave all his property to charity. The Prophet said no, and no to half, and allowed a third, adding that even a third is a lot: it is better to leave your heirs rich than poor and begging from people, and even the food a man puts in his wife's mouth is charity.
Abdullah ibn Amr ibn al-As used to fast every day and pray all night. The Prophet (ﷺ) told him not to do so: he should fast on some days and not on others, and pray at night and also sleep. He said that his body has a right over him, his eyes have a right over him, and his wife has a right over him.
“O ye who believe! save yourselves and your families from a Fire whose fuel is Men and Stones, over which are (appointed) angels stern (and) severe, who flinch not (from executing) the Commands they receive from Allah, but do (precisely) what they are commanded.”
“And those who pray, "Our Lord! Grant unto us wives and offspring who will be the comfort of our eyes, and give us (the grace) to lead the righteous."”
The usual answers
Qur'an 37:102 — Surat al-Saffat (Those drawn up in Ranks), verse 102
“Then, when (the son) reached (the age of) (serious) work with him, he said: "O my son! I see in vision that I offer thee in sacrifice: Now see what is thy view!" (The son) said: "O my father! Do as thou art commanded: thou will find me, if Allah so wills one practising Patience and Constancy!"”
Cited for
Abraham was ready to sacrifice his own son, and Muslims honour him for it.
The response
Abraham acted on God's (﷾) command, and his son agreed: do as you are commanded. God (﷾) called out before any harm was done and ransomed the boy with a great sacrifice. Vessantara acted for his own goal, and his children were bound and beaten before his eyes.
Where it lands — A test from God (﷾) that God (﷾) Himself stopped is not a father's gift of his children to a cruel man.
Perspectives
Buddhist replies
The story teaches perfect giving and freedom from attachment. A bodhisattva gives up even what is dearest for the good of all beings, and in the end the children are freed.
A bodhisattva must give up even what is dearest to reach omniscience. He seeks it for the good of all beings.
Rebuttal
The children paid for his goal. He said omniscience was dearer to him than his son, and they were beaten before his eyes. Islam asks a person to give from what is spare and to begin with those he looks after.
The story ends well: the grandfather buys the children back, and the family is restored.
Rebuttal
A happy ending does not undo the gift. The children were handed over as slaves to a man who bound and beat them, and their father was joyful at the gift. The Prophet (ﷺ) would not let a man leave even his heirs poor.
The Islamic perspective
The Vessantara Jataka praises a father who gave his small children to a cruel man for the sake of his own goal. It names him as the Buddha in a former life. Islam puts the care of one's family first in giving.
Vessantara gives his children away, saying omniscience is dearer to him than his son. Jujaka beats them before his eyes.
The Buddha says he himself was Vessantara, and that his son Rahula was the boy.
The Prophet (ﷺ) taught that charity begins with those one looks after. He refused to let a man leave his heirs poor.