1. Udhiyah means an animal of the an’aam class (i.e., camel, cow, sheep or goat) that is slaughtered during the days of ‘Eid al-Adha. 2. Udhiyah is one of the rituals of Islam prescribed in the Book of Allah and the Sunnah of His Messenger (peace and blessings of Allah be upon him), and according to the consensus of the Muslims. Please see the detailed answer for more about the rulings on udhiyah.

There are six conditions for the udhiyah: 1- It should be one of the an'am class of animals; 2- It should have reached the age stipulated in Shari’ah; 3- It should be free of any faults that would render it unsuitable for sacrifice; 4- The animal should belong to the person who is offering the sacrifice; 5- No one else should have any rights to the sacrificial animal; 6- It should be slaughtered at the time specified in Shari’ah

A number of contemporary scholars are of the view that it is permissible to offer the udhiyah outside one’s own country, so as to give to the Muslims who are in greater need and are poorer.

According to the view that udhiyah is obligatory and the view that it is mustahabb, there is no need to take out a loan to buy the udhiyah because it is not obligatory for one who cannot afford. However, it is mustahabb to take out a loan if there is the hope that one can pay it back.