Why is Sadaqah Important in Islam?

The Holy Quran lucidly teaches that it is the moral responsibility of the capable Muslims to help the less capable and less privileged in the society. There are many examples in the Quran which underline the responsibilities towards a vast range of people. The following verse beautifully depicts the multiple social responsibilities of a person:

“…And do good to parents, kinsfolk, orphans, those in need, neighbours who are near, neighbours who are strangers, the companion by your side, the wayfarer (ye meet), and what your right hands possess. For Allah loveth not the arrogant, the vainglorious”