Generally the answer is No. But…..
Qurban is a Sunnah and it is categorised as Sunnah Muaqaddah – meaning it is highly encouraged to practise as Rasulullah SAW practiced it but it is not compulsory. Qurban is a sunnah practised by our Prophets since the time of Prophet Ibrahim a.s and Prophet Ismail a.s.
There is a difference in opinion in various Mazhabs.
According to the Shafii’ school of jurispudence for those who can afford it and it is makruh (objectionable) not to perform it. In other words it is best to perform it.
And according to the Hanafi school of jurisprudence, it is made compulsory for one that can afford it for Qurban.
How do you measure if one can afford Qurban?
We go back to a lecture by our own Mufti Dr Fatris Bakaram in 2016. As he mentioned that among the financial payments in Islam on a yearly basis that should be made is Zakat.
Specifically Zakat on Wealth and Zakat is not Sunnah. It is compulsory ( Wajib ) as it is one of the pillars of Islam and for those who have managed to save a substantial amount and maintain it above the Nisab value on a consistent basis for the whole of previous 12 months. This is more important as Zakat will purify your wealth and insyallah grow your wealth in time to come. It is said that the rewards of Zakat is 7,000 times the amount you give regardless if the reward is given here in this world or the hereafter. May Allah swt reward those who perform their Zakat.
So the answer to this question, if one can afford to pay Zakat on Wealth ( 2.5% on savings), one is encourage to perform the Qurban. This is just an estimate of what it means of one affording Qurban. Please do not use it as a rule or enforce this on others.
For others they may not have consistent savings but they might receive a windfall close to the Qurban date and wish to perform the Qurban as a result of their gratitude to receive the sum of money – GST payout, Bonus, etc.
Whatever the case may be what’s important is that the money you use for Qurban should not affect your daily life – nafkah, bills, etc. That’s the main priority.
Despite Qurban being a Sunnah, it is highly encouraged. Furthermore by doing Qurban you achieve two things – reliving a sunnah of our Prophets and provide charity to people who really need it.
Various Hadiths that mentions about the rewards of Qurban.
The rewards of the qurban are tremendous. In one hadith, Zaid bin Arqam (R) reports that the companions of the Prophet, peace be upon him, asked him: “Ya Rasulallah, what is this sacrifice?” He said: “It is the way of your forefather Ibrahim.”They asked: “What is for us therein?” He replied: “There is a reward for every hair.”They asked: “For the wool, Ya Rasulullah?” He replied: “There is one reward for every strand of wool.” (Ahmad; Ibn Majah)
While in another hadith, the Prophet, peace be upon him, said “The son of Adam does not do any action on the day of sacrifice (Eid ul Adha) which is more pleasing to Allah than the sacrifice of animals; the animal will come on the Day of Resurrection with its hair, horns and hooves (for reward). The blood certainly reaches Allah before it falls to the ground. So make yourselves purified therewith.” (Tirmidhi; Ibn Majah)