Is Al-Rasheed one of the Names of Allah?

I have come across information conncerning the authenticity of Ar-Rasheed as one of the names of Allah. However, I am unsure if this is more correct than information I have been given from Ash-Shawkaani's book "tuhfatu-dh dhaakireen". Could you please clarify this for me.

Praise be to Allah, and blessings and peace be upon the Messenger of Allah:

Al-Rasheed is not one of the Names of Allah, because it was not narrated either in the Quraan or in the Saheeh Sunnah. The Names of Allah are as they were narrated (with no room for ijtihaad). It is not permissible to call Allah by any names other than those by which He called Himself or He was called by His Messenger (peace and blessings of Allah be upon him).

And Allah knows best.