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Rules for the Secrifice

Is it compulsory on every person to do Qurbani?

الاستفتاء

Assalamu Alaikum Respected Mufthi Sahib
1. Is it compulsory on every person to do Qurbani? Please guide in this regard. 2. Can I give Qurbani in my mother's name or is it necessary to give it on my name? 3. (Qurbani is) Given in the name of Muhammad Sallallahu Alihi wa Sallam. What is the importance in this? Please inform in details.
Allah Hafiz

الجواب حامدا و مصلیا

Qurbani is Wajib upon everyone who is a Sahib e Nisab. Sahib e Nisab is a person who possesses in his ownership Seven and a Half Tola of Gold or Fifty Two and a Half Tola of Silver, or merchandise, cash, or goods in addition to basic needs, or a collection of all these five items amounting to the value of Fifty Two and a Half Tola of Silver and also the said amount be free from his debt liabilities as well.
Offering Qurbani on behalf of one's late relatives and specially on behalf of our beloved Nabi Sallallahu Alaihi Wa Sallam is without any doubt correct and permissible and also is an act of great reward. Further if the Sahib e Nisab person, after executing his Wajib Qurbani wishes to offer Qurbani on behalf of his parents or any other person of Sahib e Nisab, undoubtedly he may do it but it is essential either to get the second person's permission or to inform him of same so that he be relieved of his responsibility.