Commentaire sur Le Deutéronome 15:14

הענק תעניק THOU SHALT FURNISH HIM LIBERALLY — The noun from the root ענק denotes an ornament worn high up on the body which thus easily comes within sight of the eye (i.e. is conspicuous), (cf. ענק, a giant, someone who towers on high) — i.e. you shall furnish him with something that will make it patent that you have been kind to him. There are some who explain the word הענק to mean loading on his (the servant’s) neck.

הענק תעניק לו, ”make generous provisions for him, etc.” The word הענקה describes “something beautiful.” The idea is that the released servant’s new status should be visible to all so that he will enjoy a standing in the community. The word appears in the sense of jewelry in Proverbs 1,9. Alternatively, the word is related to ענקים, giants, and the meaning would be to give him great gifts.

The literal meaning of this is “adornment.” In other words: The master should adorn his slave lavishly, and this will indicate to the slave that his master treated him benevolently.