All perfect praise be to Allah the Lord of the Worlds. May Allah`s peace and blessings be upon our Prophet Mohammad and upon all his family and companions.
If the miscarried fetus has reached the age of four months and more, then it is recommended to offer Aqiqa (Sacrifice of an animal on the occasion of a child’s birth) for it since Aqiqa is recommended for the living fetus and the one that takes its ruling. Since the soul has been breathed into the fetus of such age, it is resurrected on the Day of Judgment and it intercedes with Allah on its parents` behalf and the Aqiqa is the reason for this intercession, Insha`Allah.
However, if the fetus hasn`t reached four months of age, then it isn`t recommended to offer Aqiqa for it, because it takes the ruling of the inanimate.
The renowned scholar Ibn Hajar Al-Haitami was once asked: "Is it recommended to offer Aqiqa for any miscarried fetus or that which has human features?
He (May Allah have mercy on him) answered: "Aqiqa is recommended for the fetus the soul has been breathed into. As for the fetus the soul hasn`t been breathed into, it is inanimate, it isn`t resurrected, and doesn`t intercede on behalf of its parents on the Day of Judgement. Thus, it isn`t recommended to offer Aqiqa for it. On the other side, the fetus the soul has been breathed into is resurrected on the Day of Judgement and its intercession is beneficial to its parents." A group of scholars from among the righteous predecessors said: "One who didn`t offer Aqiqa for his child isn`t granted intercession on the Day of Judgement. This means that the Aqiqa pertains to the child that intercedes and that is the one the soul has been breathed into. On parallel basis, the recommendation to offer Aqiqa is restricted to the fetus the soul has been breathed into." {Al-Fatawa Al-Fiqhiyah Al-Kubra, vol4/pp.257}. And Allah The Almighty Knows Best.