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Lit., "unless you fear from them something that is to be feared". Zamakhshari explains this phrase as meaning, "unless you have reason to fear that they might do something which ought to be guarded against" - obviously referring to situations in which "those who deny the truth" are more powerful than the Muslims, and are therefore in a position to damage the latter unless they become their "allies" in a political or moral sense.
I.e., in cases where the interests of those "deniers of the truth" clash with the interests of believers (Manar III, 278). Regarding the deeper implications of the term "allies" (awliya'), see 4:139 and the corresponding note.
If Faith is a fundamental matter in our lives our associations and friendships will naturally be with those who share our Faith. "Evil communications corrupt good manners": and evil company may corrupt Faith. In our ordinary every-day affairs of business, we are asked to seek the help of Believers rather than Unbelievers. Only in this way can our community be strong in organisation and unity. But where there is no question of preference, or where in self-defence we have to take the assistance of those not belonging to our Faith, that is permissible. In any case we must not weaken our Brotherhood: we must try to make it stronger if possible.