✅Answer: There is no narration that has been conveyed permitting the giving of the price of the 'aqiqah' sheep as charity instead of performing the 'aqiqah'. Consequently, this act has no religious validity.

Pay attention to the following narration:

مُحَمَّدُ بْنُ یَعْقُوبَ عَنْ أَبِی عَلِیٍّ الْأَشْعَرِیِّ عَنْ مُحَمَّدِ بْنِ عَبْدِ الْجَبَّارِ عَنْ صَفْوَانَ عَنْ عَبْدِ اللَّهِ بْنِ بُکَیْرٍ قَالَ کُنْتُ عِنْدَ أَبِی عَبْدِ اللَّهِ ع فَجَاءَهُ رَسُولُ عَمِّهِ عَبْدِ اللَّهِ بْنِ عَلِیٍّ فَقَالَ لَهُ یَقُولُ لَکَ عَمُّکَ إِنَّا طَلَبْنَا الْعَقِیقَةَ فَلَمْ نَجِدْهَا فَمَا تَرَی نَتَصَدَّقُ بِثَمَنِهَا قَالَ لَا إِنَّ اللَّهَ یُحِبُّ إِطْعَامَ الطَّعَامِ وَ إِرَاقَةَ الدِّمَاءِ

📚 Al-Kafi Vol. 6, p. 25

Translation: Abdullah ibn Bukayr said: I was with Imam al-Sadiq (peace be upon him) when a messenger from his uncle Abdullah ibn Ali came to him and said: Your uncle says: We were looking for a sheep for 'aqiqah' but we couldn't find one. How do you see it if we give its price as charity? The Imam said: No, indeed Allah loves the giving of food and the shedding of blood (sacrificing).

✅ In another narration also in 📚 Al-Kafi Vol. 6, p. 25, the Imam said: Search until you find a sheep, for Allah loves the giving of food and the sacrifice.

✅ 'Aqiqah' refers to a sheep that is sacrificed by the father on the seventh day of a child's birth with specific qualities and etiquettes, and it is used in a specific way. Due to its great importance and to encourage the readers of this text to follow its rulings and etiquettes, two narrations on its importance are mentioned so that those who have not performed 'aqiqah' for their children or for whom 'aqiqah' has not been performed for themselves, may seek to make up for it by learning the relevant narrations:

عَنْ إِسْمَاعِیلَ بْنِ مَرَّارٍ عَنْ یُونُسَ عَنْ أَبِی بَصِیرٍ عَنْ أَبِی عَبْدِ اللَّهِ قَالَ سَأَلْتُهُ عَنِ الْعَقِیقَةِ أَ وَاجِبَةٌ هِیَ قَالَ نَعَمْ وَاجِبَةٌ

📚 Al-Kafi Vol. 6, p. 25

Translation: Abi Basir said: I asked Imam al-Sadiq (peace be upon him): Is 'aqiqah' obligatory? The Imam said: Yes, it is obligatory.

مُحَمَّدُ بْنُ عَلِیِّ بْنِ الْحُسَیْنِ بِإِسْنَادِهِ عَنْ عُمَرَ بْنِ یَزِیدَ عَنْ أَبِی عَبْدِ اللَّهِ قَالَ سَمِعْتُهُ یَقُولُ کُلُّ امْرِئٍ مُرْتَهَنٌ یَوْمَ الْقِیَامَةِ بِعَقِیقَتِهِ وَ الْعَقِیقَةُ أَوْجَبُ مِنَ الْأُضْحِیَّةِ

📚 Man La Yahduruhu al-Faqih Vol. 3, p. 484

Translation: Umar ibn Yazid said: I heard Imam al-Sadiq (peace be upon him) say: Every newborn on the Day of Judgment is held as a hostage for his 'aqiqah', and 'aqiqah' is more obligatory than the sacrifice on the day of 'Eid al-Adha'.