Is it permissible to say "Bismi ar-Rahman" when slaughtering an animal, and why, given that Ar-Rahman is one of the Most Beautiful Names of Allah?

The Sunnah when slaughtering is for the slaughterer to say: "Bismillah, Allahu Akbar" (In the name of Allah, Allah is the Greatest), based on Jabir's narration in the Eid al-Fitr sermon that the Prophet (peace be upon him) slaughtered a ram and said: "Bismillah, Allahu Akbar." Scholars differed on whether other phrases suffice. The Hanafis and Malikis held that saying any of Allah's Beautiful Names, or uttering "Subhan Allah" (Glory be to Allah) or "La ilaha illallah" (There is no god but Allah) is sufficient, though "Bismillah, Allahu Akbar" is the most preferable.