What does Islam say about the reason for the creation of man, the meaning of existence, and whether the purpose is limited to obeying Allah?

Allah created humans and all creatures for a purpose. He favored humans with intellect and senses, and tasked them with worshipping Him alone, for Allah is the Creator and the Owner. Allah Almighty says: "And I did not create the jinn and mankind except to worship Me." And whoever thinks that creation is in vain has harbored ill thoughts about Allah. Allah tasked humans with worship and obedience, and promised the obedient Paradise, while warning the disobedient of punishment.