Question Summary:
What to do if one cannot afford doing the Aqiqah?

Question Detail:

My question is regarding Akika. In most countries the price of sheep and goats are so expensive now days. In some countries a sheep or a goat could cost at least $300 and most people can not afford it. What are people suppose to do when they cannot afford it? Is there any other animals they can use for Akika?

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
‘Aqīqah is not necessary (wajib), it is mubah (permissible). If one has intention of thawāb, he will be rewarded. If one has the means to do ‘aqīqah, he may do so. If not, there is no need to go through pains of taking loans etc.[1] to do ‘aqīqah. Yes, one can make adjustments in his financial affairs for the ‘aqīqah and benefit from its rewards.
And Allah Ta’āla Knows Best
Hisham Dawood
Student Darul Iftaa
Chicago, USA 
Checked and Approved by,
Mufti Ebrahim Desai.