What is the significance of Laylat al-Qadr (The Night of Decree)?

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Laylat al-Qadr is a noble, blessed, and highly esteemed night. The action performed during this night is superior to performing actions in a thousand months that do not contain this night, as stated by Allah: {Laylat al-Qadr is better than a thousand months} (Quran 97:3). Whoever observes Laylat al-Qadr with faith and seeking reward shall have all their past sins forgiven, according to the Prophet, peace be upon him, in a Hadith agreed upon by Bukhari and Muslim. It is also named the night of decree because what will occur in that year—regarding good, misfortune, provision, and blessing—is determined therein, as indicated by Allah: {In it is distinguished every wise affair} (Quran 44:4). It is also called blessed because Allah revealed the Quran therein, as stated in {Indeed, We sent it down during a blessed night} (Quran 44:3), which is identified as Laylat al-Qadr by {Indeed, We sent it down in the Night of Decree} (Quran 97:1).