It is “Mustahab” (مستحب) to give silver, gold, or the price of either equal to the weight of the newborn’s hair after it has been shaved off.
It is important to note that this practice is “Mustahab.” A “Mustahab” practice refers to acts performed by the Prophet (peace be upon him) and his Sahabah, or those considered good by them and the Tabi’een. These practices were not strictly adhered to and were sometimes performed and sometimes not. Carrying out “Mustahab” acts brings rewards, but failing to do so does not incur sin.
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دلائل:
سنن الترمذی: (باب العقیقة بشاۃ، رقم الحدیث: 1519)
عن علیؓ قال: عقّ رسول اللّٰہ صلی اللّٰہ علیہ وسلم عن الحسن بشاۃ فقال: یا فاطمۃ! احلقی رأسہ وتصدقی بزنۃ شعرہ فکان وزنہ درہماً أو بعض درہم۔
Allah the Almighty knows best.
Darul ifta Al-Ikhlas, Karachi.