RULING ON DOING QURBANI
Imam Tirmidhi relates a narration about the sacrifice of the Prophet (S.A.S) as follows.
أَقَامَ رَسُولُ اللَّهِ صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ بِالمَدِيْنَةِ عَشْرَ سِنِينَ يُضَحِّي كُلَّ سَنَةٍ
“The Prophet (S.A.S) lived in Madinah after the Hijrah for ten years and every year he did a Qurbani.”
It is also authentically reported that the Prophet (S.A.S) said,
مَنْ كَانَ لَهُ سَعَةٌ، وَلَمْ يُضَحِّ، فَلَا يَقْرَبَنَّ مُصَلَّانَا
“Whoever has the means (to do a sacrifice) and does not do it, let him not come to our place of Salaah.”
Based on the strong emphasis placed by the Prophet (S.A.S), many scholars have considered Qurbani to be wajib on every Muslim (male or female) who is of sound mind, mature and possesses wealth on the Days of Sacrifice to the amount of the nisaab. (i.e. the minimum amount of wealth which makes zakaah compulsory on a person).
It is not wajib on a musaafir (a traveller according to the Shariah), nor upon a child or an insane person even though they may possess wealth.
 Tirmidhi, Hadith No. 1507, Pg. 644, Vol.1, Published by Altaf and Sons / A similar narration is reported in Ahmad, Hadith No. 4955, Vol. 2, Pg. 282, Published by Maktaba Tijariya
 (Ibn Majah, Pg. 226, Published by Qademi Kutub Khana / Similar narrations are reported in Ahmad, Hadith No. 8280, Pg. 207, Vol. 3, Published by Maktaba Tijariya / Dar Qutni, Hadith 4743, Pg.500, Published by Reesalah Publishers / Hakim, Hadith No. 7727, Vol.5, Pg. 156, Published by Qademi Kutub Khana)