What is the wisdom and purpose behind the 'aqīqah?
All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
Among the wisdoms and purposes of the 'aqīqah are the following:
First: Expressing joy at the blessing of Allah the Almighty, rejoicing in the newborn, and giving thanks to Allah for this gift. Allah the Almighty says (what means): "If you are grateful, I will surely increase you." [Ibrāhīm/7]
Second: Proclaiming and publicising the lineage (nasab) of the child — and the 'aqīqah serves as an appropriate and fitting means to this end.
Third: Gladdening the hearts of family members, relatives, friends, and the poor by gathering them together over a shared meal. And Allah Almighty knows best.
What is the ruling on swearing on the Holy Quran and breaking that oath?
It is impermissible to swear on the Holy Quran in vain, and it is also impermissible to subject it to such an act since breaking the oath after swearing on the Quran entails an expiation.
Who is the one required to slaughter the 'aqīqah?
All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
It is Sunnah for the 'aqīqah to be slaughtered by the guardian of the newborn — the one upon whom the child's financial maintenance is obligatory — provided he is financially capable of doing so. 'Alī ibn Abī Ṭālib, may Allah be pleased with him, reported: "The Messenger of Allah ﷺ performed the 'aqīqah for al-Ḥasan with one sheep." — Narrated by al-Tirmidhī. And Allah Almighty knows best.
Is Zakah (obligatory charity) obligatory on indebted merchant?
Debt doesn`t abrogate the dueness of Zakah, thus a debtor who has money, articles of merchandise, or other Zakah funds at his disposal should pay their Zakah.