Every Muslim man, woman and child of Islamic age who is free, settled and wealthy is obliged (wājib alayh) to sacrifice an animal on the Feast of Sacrifice. A person is considered wealthy if his/her wealth has reached the threshold (nisāb) of 80g as the value of gold. In addition to cash and precious metals, wealth also includes all material objects, such as a house, car, land, and loans, minus the money needed to live in a house or car.
Sacrifice is a material ibāda (worship) and is mentioned in Surah al-Hajj, 22:36-37 as follows: "And We have made the sacrificial camels a sign of Allah for you. There is good for you in them. So pronounce the name of Allah over them when they stand in a row. And when they fall over on their sides, then eat from them and feed the (non-asking) frugal and the (asking) poor. Thus have We made them subservient to you, that you may be grateful.
In a statement of the Prophet it says: "Whoever can afford it and does not sacrifice should not approach our place of prayer!" (Ahmad b. Hanbal, 8273; Ibn Mace, Adahi, 2 (3123)
Neither their flesh nor their blood reaches Allah, but it is your fear of Allah (taqwa) that reaches Him. So He has made them subservient to you so that you may praise Allah for having guided you. And give glad tidings to those who do good."
While most animals are slaughtered for commercial and personal purposes, the kurban is slaughtered for both worship and charity.
The value of this ritual is increased many times over if the sacrificial meat is donated to the poor, orphans and needy students of Islamic teachings, thus contributing to the common good.