Virtue: Sadaqah (voluntary charity) is a virtuous deed in Islam. In fact, it is considered as a proof of one’s eeman (faith). Charity is one the best way to purify and increase your wealth. The people most beloved to Allah are those who are most beneficial to the people.
Narrated Abu Huraira: Allah's Messenger (ﷺ) said, "Allah said, 'O son of Adam! Spend, and I shall spend on you." (Sahih al-Bukhari 5352)
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The example of those who spend their wealth in the way of Allah is like a seed which grows seven spikes, in each spike is a hundred grains. Allah multiplies His reward for whom He wills, for Allah is vast and knowing.
Those who spend their wealth in the Cause of Allah, and do not follow up their gifts with reminders of their generosity or with injury, their reward is with their Lord. On them shall be no fear, nor shall they grieve.
Protection From Calamities:
By sacrificing part of one’s wealth and giving it in charity, the individual is guaranteeing protection for themselves from tragedy and misfortune.
The Prophet said: “Give charity without delay, for it stands in the way of calamity.” (Al-Tirmidhi)
Reference: Surah Al-Baqarah 261-262