Yes, initial is in the scrabble dictionary

...and is worth 9 points by itself.

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Initial Definition

noun

A large, often highly decorated letter set at the beginning of a chapter, verse, or paragraph.
from The American Heritage Dictionary of the English Language, 4th Edition
The first letter of a proper name.
from The American Heritage Dictionary of the English Language, 4th Edition
The first letter of a word.
from The American Heritage Dictionary of the English Language, 4th Edition
A meristematic cell.
from Free Scrabble Dictionary
The first letter of a name.
from Free Scrabble Dictionary

verb-transitive

To mark or sign with initials, especially for purposes of authorization or approval.
from The American Heritage Dictionary of the English Language, 4th Edition

verb

To authenticate or give preliminary approval to by affixing the of an authorizing representative.
from Free Scrabble Dictionary
To affix an initial to.
from Free Scrabble Dictionary

adjective

Designating the first letter or letters of a word.
from The American Heritage Dictionary of the English Language, 4th Edition
Of, relating to, or occurring at the beginning; first: took the initial step toward peace.
from The American Heritage Dictionary of the English Language, 4th Edition
Of or relating to the beginning .
from Free Scrabble Dictionary
Placed at the beginning .
from Free Scrabble Dictionary

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Top Words by points

Points

initial

7

2 letter words with INITIAL

Points

al

2

ti

2

ta

2

na

2

li

2

la

2

it

2

in

2

at

2

an

2

ai

2

3 letter words with INITIAL

Points

ain

3

nil

3

nit

3

lit

3

lin

3

lat

3

ail

3

tan

3

til

3

tin

3

ait

3

alt

3

ani

3

ant

3

4 letter words with INITIAL

Points

tian

4

tail

4

tain

4

nail

4

tali

4

lint

4

lati

4

lain

4

inti

4

inia

4

ilia

4

anti

4

anil

4

alit

4

5 letter words with INITIAL

Points

litai

5

7 letter words with INITIAL

Points

initial

7

Found 41 words in 0.24053 seconds