THE DAY OF ARAFAH AND ITS GREAT SIGNIFICANCE

Fasting on the day of Arafah is an expiation for two years
It is highly recommended (mustahabb) for non-pilgrims to fast during this day for the Prophet (peace and blessings of Allah be upon him) was asked about fasting on the day of Arafah, so he said, “It expiates the sins (Minor) of the past year and the coming year.” [Muslim]

Allah frees slaves from the fire on Arafat more than any other day:
The Prophet (peace and blessings of Allah be upon him) said, ‘There is no day on which Allah frees people from the Fire more so than on the day of Arafah. He comes close to those (people standing on ’Arafah), and then He revels before His Angels saying, ‘What are these people seeking.” [Tirmidhi]

Forgiveness of the Sins even if they are like the foam on the Sea:
As for you staying till the evening in Arafah, then Allah descends to the sky of the Dunya and He boasts about you to the Angels, and says: ‘My slaves have come to Me, looking rough, from every deep valley hoping for My mercy, so if your sins were equivalent to the amount of sand or the drops of rain or like the foam on the sea I will forgive them. So go forth My slaves! Having forgiveness and for what or who you have interceded for.’
[Reported by at-Tabarani in his book “al-Kabeer” and by al-Bazaar. Shaykh Al-Albani graded it Hassan. Taken from ‘Saheeh al-Targheeb wa Tarheeb’. Volume 2, Page 9-10, hadeeth no. 1112]

[Source : Ahadith regarding the benefits and blessings of Hajj - Translated by Abbas Abu Yahya Taken from 'Saheeh al-Targheeb wa Tarheeb' By the Shaykh Muhammad Nasr ud-Deen al-Albaani]

Allaah expresses His pride to His angels:  
It was reported from Ibn ‘Umar that the Prophet (peace and blessings of Allah be upon him) said: “Allah expresses His pride to His angels at the time of ‘Ishaa’ on the Day of Arafah, about the people of Arafah. He says, ‘Look at My slaves who have come unkempt and dusty.’” [Narrated by Ahmad and classed as Saheeh by al-Albaani].

Prophet (Allah bless him and give him peace) saying, “The best of supplications are those on the Day of `Arafah.” [Tirmidhi, Ahmad, Malik, and others]  

A repost from islaamictruths.blogspot.com