To Sacrifice a dearest thing of one's self in order to achieve greater heights is an Integral part of one's life and "Eid-Uz-Zuha", signifies exactly that.
The Eid-uz Zuha commemorates the mental agony of Prophet Ibrahim. According to Islamic beliefs, Prophet Ibrahim had been put to a test by Allah when he was asked to sacrifice whatever was dearest to him and he decided to sacrifice his first born son, Ismaeil. On the altar at the mount of Mina near Mecca as he was on the point of applying the sword to his son's throat, it was revealed to him that it was only a test to determine his love for his Creator, and that it was enough. Instead he would offer Allah the sacrifice of only a ram.
It is in honour of this test of Prophet Ibrahim's determination and his faith that Muslims around the world offer the Eid prayers, and Sacrifice an Animal (He-goat, Sheep, Bullock or Camel) and distribute it among Friends, relatives and the poor. It is also one of those rare occasions where small children are found grazing sheeps.
In India, the animal used most common for sacrifice is the Sheep - which is why the occasion is spoken of in Urdu as Bakhr or Bakr-Eid. In India, the day begins with a bath, after which Namaz is offered. People visit friends and relatives wearing new clothes and jewellery. Children are given Eidi (gifts and cash money).
Eid-Uz-Zuha is celebrated on the tenth day of "Zilhajj", twelfth month of the Muslim lunar calendar. Eid also coincides with the anniversary of the day when the Holy Quran was declared complete. Haj (pilgrimage to Mecca) is also performed on this occasion, Haj one of the five pillars of Islam and performing Haj atleast once in lifetime is obligatory for muslims who are financially sound enough to afford it besides providing enough means for their family members who are not accompanying them at the time of Haj.
The Holy Messenger of Allah Prophet Mohammed (S.A.W.) has been narrated as saying: Sustaining wealth for the journey of Hajj is like sustaining in the way of God and God will reward it with 100 times more.
Though there is a wrong impression among people that Haj should be performed at an older Age, Islam however strongly recommends Haj to be performed during hey days. One important reason is that performing Haj is a tedious task and a young body supports it well. On reaching Mecca, pilgrims (Male) Shave off their Heads in order to purify their sins (however, it is not mandatory).
Muslims who have performed Haj are addressed with due respect after their return from pilgrimage and they are addressed as "Haji's" prefixed to their name, for the rest of their life. The soul of Islam rests on Kurbani (sacrifice) and the success of the believer lies in Kurbani. Believer gives up some part of his/her earnings in charity (Zakah). Bakrid is a festival about sacrifice of greed and enmity and an opportunity to purify one's sins and hence it is Important to understand this festival in its true spirit.