This excerpt is taken from Sheikh Zubair Ali Zai Rahimahullah's Book on the Rules and Issues of Qurbani.
Question:
Is the sacrifice of a buffalo permissible?
Reference: (A questioner)
Answer:
The sacrifice of camel, cow, sheep, and goat is established from the Book and Sunnah, and it is absolutely correct that the buffalo is a type of cow; there is consensus among the Imams of Islam on this.
❀ Imam Ibn al-Mundhir
Reference: (died 318 AH)
says:”وأجمعوا على أن حكم الجواميس حكم البقر“
And there is consensus that the ruling on buffaloes is the same as that on cows.
Reference: (Al-Ijma’, Kitab al-Zakat, p. 43, reference: 91)
❀ Ibn Qudamah
Reference: (died 620 AH)
writes:”لا خلاف فى هذا نعلمه“
On this issue, to the best of our knowledge, there is no disagreement.
Reference: (Al-Mughni, vol. 2, p. 240, Issue: 1711)
Regarding zakat, there is consensus on this issue that the buffalo is among the species of cows, and this is evidence that the buffalo is indeed a type of cow. However, since there is no explicit evidence from the Messenger of Allah, peace be upon him, or the Companions, may Allah be pleased with them all, regarding the sacrifice of buffalo, it is better not to sacrifice buffalo but only camel, cow, bull, sheep, and goat, and this is the precaution. And Allah knows best.
Reference: (Shahadat, March 2001)
Reference: Fatawa Ilmiyyah 281/2