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With these words the Qur'an returns to the story of the children of Israel alluded to in verses {12} and {13} - namely, to an illustration of their having "broken their solemn pledge" and gone back on their faith in God. The following story is, moreover, directly connected with the preceding verse inasmuch as Moses appeals here to the children of Israel as "a bearer of glad tidings and a warner".
Lit., "made you kings". According to most of the commentators (e.g., Tabari, Zamakhshari, Razi), the "kingship" of the Israelites is a metaphorical allusion to their freedom and independence after their Egyptian bondage, the term "king" being equivalent here to "a free man who is master of his own affairs" (Manar VI, 323 f.) and can, therefore, adopt any way of life he chooses.
He rescued you from Egypt where the Pharaoh treated you like slaves and blessed you with freedom so you can manage your own affairs.
i.e., the miracles of splitting the sea, water coming out of the rock, manna and quails, and clouds shading them.
There was a long line of patriarchs and prophets before Moses, e.g., Abraham, Isaac, Ismail, Jacob, etc.
From the slavery of Egypt the Children of Israel were made free and independent, and thus each man became as it were a king, if only he had obeyed Allah and followed the lead of Moses.
Cf. Exod. xix. 5: "Now, therefore, if ye will obey my voice indeed, and keep my covenant, then ye shall be a peculiar treasure unto me above all people." Israel was chosen to be the vehicle of Allah's message, the highest honour which any nation can receive.