This excerpt is taken from Sheikh Farooq Rafi Sahib's book Qurbani, Aqiqa, and Ashra Zil-Hijjah.
Sacrifice in the name of anyone other than Allah:
In the following verses, the command is only to sacrifice for the sake of Allah's pleasure.
① Allah, the Blessed and Exalted, has said:
﴿قُلْ إِنَّ صَلَاتِي وَنُسُكِي وَمَحْيَايَ وَمَمَاتِي لِلَّهِ رَبِّ الْعَالَمِينَ﴾
"Say, indeed, my prayer, my sacrifice, my life, and my death are for Allah, Lord of the worlds."
Reference: Surah Al-An'am: 162
② In another place, He said:
﴿فَصَلِّ لِرَبِّكَ وَانْحَرْ﴾
"So pray to your Lord and sacrifice [to Him alone]."
Reference: Surah Al-Kawthar: 2
In these two verses, Allah Almighty has commanded to sacrifice solely for the sake of Divine pleasure and has forbidden the polytheists who used to slaughter animals in the name of others besides Allah. Also, sacrificing animals in the name of anyone other than Allah is forbidden and such a person is accursed in the sight of Shariah.
③ It is narrated from Sayyiduna Ali (may Allah be pleased with him) that the Messenger of Allah (peace be upon him) said:
لعن الله من لعن والديه، و لعن الله من ذبح لغير الله، ولعن الله من آوى محدثا، و لعن الله من غير منار الأرض
"May Allah curse the one who curses his parents, may Allah curse the one who sacrifices for other than Allah, may Allah curse the one who gives refuge to the godless, and may Allah curse the one who alters the signs of the earth."
Reference: Sahih Muslim, Book of Sacrifices, Chapter on the Prohibition of Slaughtering for Other than Allah: 1978. Sunan Nasai, Book of Sacrifices, Chapter on Who Slaughters for Other than Allah: 4427
Benefits:
Imam Nawawi, may Allah have mercy on him, states:
"Slaughtering for anyone other than Allah means slaughtering an animal in the name of someone other than Allah, such as an idol, the cross, Musa (peace be upon him), Isa (peace be upon him), or the Kaaba. All forms of such sacrifice are forbidden, and eating such slaughtered meat is not permissible, whether the one who slaughters is a Muslim, Christian, or Jew. Imam Shafi'i, may Allah have mercy on him, has stated a clear text regarding the prohibition of such slaughter, and the Shafi'i school agrees on the prohibition of such slaughter. Furthermore, if the one who slaughters holds the belief of reverence and worship for the entity in whose name the animal is slaughtered, then such belief is disbelief (kufr), and if the person was a Muslim before this act, he will become an apostate due to this false act."
Reference: Sharh al-Nawawi: 13 / 140
If we examine the above discussion more deeply, the conclusion is that slaughtering animals in the name of the Prophet Muhammad (peace be upon him), Sayyidina Ali (may Allah be pleased with him), Lady Fatimah (may Allah be pleased with her), Sayyidina Hasan (may Allah be pleased with him), Sayyidina Husayn (may Allah be pleased with him), or any spiritual guide or mentor, and offering sacrifice for their pleasure is forbidden and constitutes shirk (associating partners with Allah), which causes a person to exit the fold of Islam. Therefore, one should avoid sacrificing in the name of the Five Holy Persons (Panjtan Pak) or any saint, spiritual guide, or mentor, and sacrifice should be made solely for the pure pleasure of Allah.