It is also when Hajj, a pilgrimage which all able-bodied Muslims are required to complete once in their lives, takes place. The Prophet and his wife traveled to Mecca, where they planned to perform the deed.
"It is an essential religious rite in memory of the sacrifice performed by Prophet Ibrahim".
It occurs between the 8th and 12th day of the last month of the Islamic calendar, the Dhu al-Hijjah which is based on lunar events. It is not known when the exact day begins.
Greater Eid will continue for four days, until Saturday, August 25.
Eid al-Fitr marks the end of Ramadan, the holiest month of the Islamic year.
Eid al-Adha is a festivity celebrated on the 10 day of the Muslims' pilgrimage to Hajj.
The day begins with Eid prayer which follows the regular morning prayer.
The Senate President, Dr Bukola Saraki, has asked Nigerians to imbibe the spirit of peace and unity as they celebrate the Eid-el-Kabir festival.
They will consume some of the meat and give the rest to poor people unable to buy food.
He added, as Muslims around the world commemorate the sacrifice, Filipinos "should be more inspired to embody courage and conviction in all of the challenges we face as a nation". Fasting the day before the holiday washes away two years worth of sins in the previous and coming years. The festival is celebrated by the 1.6 billion Muslims across the globe.
"May this celebration bind us together in our common hope of building diverse communities that is rooted in mutual respect and peace", he said in his Eid'l Adha message signed on Tuesday, August 21. To greet a Muslim on this day, simply say "Eid Mubarak". You are invited to attend the morning prayer and the celebrations immediately following.