To add to what raybia has mentioned, Muslims with the necessary financial means are also encouraged to slaughter a livestock (usually cattle, goat or camel) and the meat shall then be distributed amongst the needy such as the hardcore poor and orphans. This is also in honour of Abraham's sacrifice on Ismael when at the very last moment God substituted Ismael with a sheep.
I actually paid for the sacrifice of a goat for the people working in Marrakesh. It is considerred by them as a great gift. And given the living standards of some of the children in some ways it is.
That is fascinating. How does one go about donating that?