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Namely, the moral victory achieved by the Truce of Hudaybiyyah, which opened the doors to the subsequent triumph of Islam in Arabia (see introductory note, which explains many allusions to this historic event found in the subsequent verses).
This Medinian sûrah takes its name from the clear triumph (i.e., Treaty of Ḥudaibiyah) in verse 1. The Prophet (ﷺ) and 1400 of his companions travelled to Mecca to perform the minor pilgrimage (’umrah) in 6 A.H./628 C.E. He (ﷺ) sent ’Uthmân ibn ’Affân to let the Meccans know that the Muslims had come in peace, only to visit the Sacred House. When the Meccans delayed ’Uthmân, the Prophet (ﷺ) thought they might have killed his envoy. So he (ﷺ) called upon the faithful to pledge allegiance to him under a tree at Ḥudaibiyah in the outskirts of Mecca. Shortly after, ’Uthmân returned safely and a peace agreement was signed by the Muslims and Meccan pagans, stating in part that the Muslims would have to return to Medina and come back next year for ’umrah. The Treaty of Ḥudaibiyah is described as a clear triumph since it established peace, temporarily diffused the tension between the Muslims and the Meccan pagans, and gave the Muslims plenty of time to spread awareness and understanding of their faith. Thousands from different tribes accepted Islam during that truce.
This is best referred to the Treaty of Hudaibiya, for which see the Introduction to this Sura. By this Treaty the Makkan Quraish, after many years of unrelenting conflict with Islam, at length recognised Islam as (what they thought) an equal power with themselves. In reality the door was then opened for the free spread of Islam throughout Arabia and thence through the world.