This excerpt is taken from Sheikh Farooq Rafi Sahib's book Qurbani, Aqiqah, and Ashra Zil-Hijjah.
Qurbani is the great Sunnah of our master Ibrahim (peace be upon him), the perpetual practice of the Noble Prophet (peace be upon him), and a consensus issue among the Muslims; therefore, it is a recommended act for every person who is financially able.
Weak Narrations Regarding the Virtue of Qurbani:
Some very weak and fabricated narrations have been transmitted regarding the importance of sacrifice, which should be avoided from being mentioned. However, if the intention is to explain their weakness, then it is appropriate to mention such narrations so that the prevalent weak narrations among people can be ended and the chapter of those who narrate weak and fabricated narrations without research can be closed. The weak and fabricated narrations about the importance and virtue of sacrifice are as follows:
① It is narrated from Sayyida Aisha (may Allah be pleased with her) that the Messenger of Allah (peace be upon him) said:
ما عمل آدمي من عمل يوم النحر أحب إلى الله من إهراق الدم، إنه لتأتي يوم القيامة بقرونها وأشعارها وأظلافها، وإن الدم ليقع من الله بمكان قبل أن يقع من الأرض، فطيبوا بها نفسا
"On the Day of Sacrifice, no deed better than shedding blood has been done by a person which is most beloved to Allah. Indeed, the sacrificial animal will come on the Day of Resurrection with its horns, hair, and hooves (as proof of the sacrifice), and before the blood of the sacrifice falls on the ground, it reaches the level of acceptance with Allah. So feel heartfelt happiness from this sacrifice."
Reference: Very weak: Jami` at-Tirmidhi, Chapters of Sacrifices, Chapter on the Virtue of Sacrifice: 2493 - Sunan Ibn Majah, Chapters of Sacrifices, Chapter on the Reward of Sacrifice: 3126 - Sunan Bayhaqi: 261/9 - Mustadrak Hakim: 221/4, 222 - Al-Da'ifah: 526 - Sulaiman bin Yazid is a abandoned narrator.
② Sayyiduna Zaid bin Arqam (may Allah be pleased with him) reports that the Companions (may Allah be pleased with them) asked:
يا رسول الله! ما هذه الأصاحي؟ قال: سنة أبيكم إبراهيم، قالوا: فما لنا فيها يا رسول الله؟ قال: بكل شعرة حسنة، قالوا: فالصوف يا رسول الله؟ قال: بكل شعرة من الصوف حسنة
"O Messenger of Allah! What are these sacrifices?" The Prophet (peace be upon him) said: "They are the Sunnah of your father, Sayyiduna Ibrahim (peace be upon him)." They asked: "O Messenger of Allah! What reward do we have in them?" The Prophet (peace be upon him) said: "For you, there is a good deed for every hair." They asked: "What is the reward for the wool of the sacrifice?" The Prophet (peace be upon him) said: "For every hair of the wool, there is a good deed."
Reference: Fabricated: Musnad Ahmad: 368/4, 19302. Sunan Ibn Majah, Chapters of Sacrifices, Chapter on the Reward of Sacrifice: 3127. Mustadrak Hakim: 389/2 - Al-Da'ifah: 527 - Sunan Bayhaqi: 261/9 - Tabarani Kabir: 4935.
This narration is fabricated; in its chain, 'Aidhullah Majashi is a denier of hadith, Abu Dawood Nafi' bin Harith is abandoned, and Yahya bin Ma'in called him a liar.
③ It is narrated from Sayyiduna Abdullah bin Abbas (may Allah be pleased with them) that the Messenger of Allah (peace be upon him) said:
ما أنفقت الورق فى شيء أفضل من نحيرة فى يوم عيد
"No amount of spending is better than on the day of Eid al-Adha."
Reference: Very weak: Sunan Dar Qutni: 4815 - Sunan Bayhaqi: 261/9 - Tabarani Kabir: 10735 - Al-Da'ifah: 524 -
Ibrahim bin Yazid Khawzi is a weak and accused liar narrator.
④ It is narrated from Sayyiduna Hasan bin Ali (may Allah be pleased with them) that the Messenger of Allah (peace be upon him) said:
من ضحى طيبة بها نفسه، محتسبا لأضحيته، كانت له حجابا من النار
"Whoever slaughters his sacrifice with a happy heart and with the intention of seeking reward, on the Day of Resurrection it will be a shield for him from Hellfire."
Reference: Fabricated: Tabarani Kabir: 2670 - Al-Da'ifah: 529.
In its chain, Sulaiman bin Umar al-Nakha'i is a liar and fabricator of hadith.
⑤ It is narrated from Sayyiduna Ali (may Allah be pleased with him) that the Prophet (peace be upon him) said:
يا أيها الناس! ضحوا واحتسبوا بدمائها، فإن الدم وإن وقع فى الأرض، فإنه يقع فى حرز الله عز وجل
"O people! Perform sacrifice and have the intention of seeking reward from its blood, for indeed the blood falls on the earth, but it is preserved in the protection of Allah."
Reference: Fabricated: Tabarani Awsat: 8554 - Al-Da'ifah: 530.
This narration is fabricated; in its chain, Amr bin Husain Aqili is abandoned.
⑥ It is narrated from Sayyiduna Imran bin Husain (may Allah be pleased with him) that the Messenger of Allah (peace be upon him) said:
يا فاطمة قومي إلى أضحيتك فاشهديها، فإنه يغفر لك عند أول قطرة تقطر من دمها كل ذنب عملتيه، وقولى : قُلْ إِنَّ صَلَاتِي وَنُسُكِي وَمَحْيَايَ وَمَمَاتِي لِلَّهِ رَبِّ الْعَالَمِينَ لَا شَرِيكَ لَهُ ۖ وَبِذَٰلِكَ أُمِرْتُ وَأَنَا أَوَّلُ الْمُسْلِمِينَ : قال عمران : قلت يا رسول الله ! هذا لك ولأهل بيتك خاصة : فأهل ذاك أنتم : أم للمسلمين عامة ، قال : لا بل للمسلمين عامة
"O daughter! Rise towards the sacrifice and be present at the stage of slaughtering the sacrifice, for at the time the first drop of its blood falls, all your sins will be forgiven that you have committed, and at that time say these words: 'Indeed, my prayer, my sacrifice, my life, and my death are for Allah, the Lord of all worlds; there is no partner with Him, and I have been commanded thus, and I am among the obedient.'" Sayyiduna Imran bin Husain reports that I asked: "O Messenger of Allah! Is the expiation of sins by sacrifice exclusive to you and your family, because you and your family are the owners of it, or is it general?" The Prophet (peace be upon him) said: "It is not exclusive to the family but for all Muslims."
Reference: Weak: Mustadrak Hakim: 222/4, Sunan Bayhaqi: 239/5, Tabarani Kabir: 15002, Tabarani Awsat: 2609.
Thabit bin Abi Safiyah Abu Hamzah Thumali is the narrator.
⑦ It is narrated from Sayyiduna Ali (may Allah be pleased with him) that the Messenger of Allah (peace be upon him) said to Sayyida Fatimah (may Allah be pleased with her):
يا فاطمة قومي فاشهدي أضحيتك، أما إن لك بأول قطرة تقطر من دمها مغفرة لكل ذنب، أما إنه يجاء بها يوم القيامة بلحومها ودمائها سبعين ضعفا حتى توضع فى ميزانك
"O Fatimah! Rise and be present at your sacrifice, for indeed at the falling of the first drop of its blood, all your sins will be forgiven, and on the Day of Resurrection, the sacrifice will be brought with its flesh and blood multiplied seventy times (made thick) until it is placed on your scale."
Reference: Very weak: Sunan Bayhaqi: 283/9.
Amr bin Khalid Qurashi is an abandoned narrator and Muhammad bin Ali bin Husain narrates from unknown fathers.
Summary:
All narrations regarding the virtue and importance of sacrifice are weak. Ibn Arabi, may Allah have mercy on him, writes in the commentary of Tirmidhi: "There is no authentic hadith regarding the virtue of sacrifice."
Reference: Tuhfat al-Ahwadhi: 62/5.