It is the stone that Ibraaheem, may Allah exalt his mention, stood on when he was building Al-Bayt Al-Haraam. The story of the building of the Ka‘bah was narrated by Al-Bukhari on the authority of Ibn ‘Abbaas, may Allah be pleased with him. He said that the Prophet, , said: "Then Ibraaheem (Abraham) and Ismaa‘eel (Ishmael) raised the foundations of Al-Bayt (i.e. the Ka‘bah). Ismaa‘eel brought the stones and Ibraaheem was building, and when the walls became high, Ismaa‘eel brought this stone and put it for Ibraaheem who stood over it and carried on building, while Ismaa‘eel was handing him the stones, and both of them were saying: {'Our Lord, accept [this] from us. Indeed you are The Hearing, The Knowing.'}Then both of them went on building and going round the Ka‘bah while saying,{'Our Lord, accept [this] from us. Indeed You are The Hearing, The Knowing.'}"
Allah The Almighty honored this stone and made it one of His Signs. Allah The Almighty Says (what means): {Indeed, the first House [of worship] established for mankind was that at Makkah -- blessed and a guidance for the worlds. In it are clear signs [such as] the standing place of Ibraaheem.}[Quran 3:96-97]
Allah The Almighty ordered us to pray at this place. Allah The Almighty Says (what means): {And [mention] when We made the House a place of return for the people and [a place of] security. And take, [O believers], from the standing place of Abraham a place of prayer.} [Quran 2:125]
Jaabir, may Allah be pleased with him, was describing the Hajj of the Prophet, , and said, "When we came with the Prophet to the House, he touched the corner and (made seven circuits) performing Ramal (walking briskly) in three of them and walking four. After this, he went to the Standing place of Ibraaheem, he recited the verse in which Allah The Almighty Says (what means):{And take, [O believers], from the standing place of Ibraaheem a place of prayer}.This standing place was between him and the House. He recited in two Rak‘ahs (units):{Say, "He Is Allah, [Who Is] One}(i.e. Surat Al-Ikhlaas) and{Say, "O disbelievers}(i.e. Surat Al-Kaafiroon)." [Muslim]