What is the status of the Tawaf al-Wida (Farewell Tawaf)?

What is the status of the Tawaf al-Wida (Farewell Tawaf)?

طواف وداع کی کیا حیثیت ہے؟
Explanation

It is a farewell Tawaf and is performed as a final ritual of Hajj when a pilgrim leaves Makkah.

It is wajib.

To perform Tawaf Al-Wada, Muslims are directed to circumambulate the Holy Kaaba seven times and pray two Rakats (only if one wants to, as it is not mandatory).