Aqeeqah

Scholars of Islam, as-Salamu `alaykum. What is the Islamic ruling on `aqeeqah? Is it a Sunnah (recommended by the Prophet) or wajib (obligatory)? What is its significance?

Allah has blessed me with a son. Is it better to slaughter a sheep as `aqeeqah on his behalf or to give its price in charity?

Do Names have significance in Islam? Does a person's name shape his/her character? What is the significance of naming a child in Islam?  If they have a non-arabic name then does that change anything?

In The Name of Allah, The Most Beneficent, The MOst Merciful.Dear Brother in Islam,assalamu Alaikum Warahmatulahi Wabarakatuh.It would be appreciate if you could elaborate me regarding the Aqiqah in details with the Evidence from The Quran and SunnahJazakallahu Khairan Jazaa.Wassalamhumaid Ismail Ahmad