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In the first instance, this is apparently an allusion to the fate of the pagan Quraysh at the battle of Badr (Zamakhshari) or, according to some authorities (quoted by Tabari), to the treachery and subsequent expulsion from Medina, in the month of Shawwal, 2 H., of the Jewish tribe of Banu Qaynuqa'. But in a wider perspective - strongly suggested by the next two verses - the meaning is general and not restricted to any particular time or historical occurrence.
This interpolation - relating as it does to both the outright deniers of the truth and the hypocrites - is justified by the occurrence of the dual form in verse {17}.
This either refers to the defeat of the Meccan pagans at the Battle of Badr or the exile of Banu Qainuqâ’.
The immediate reference was probably to the Jewish goldsmith tribe of the Qainuqa, who were also settled in a fortified township near Madinah. They were also punished and banished for their treachery, about a month after the battle of Badr, in which the Makkan Pagans had suffered a signal defeat, in Shawwal, A.H. 2. The Nadhir evidently did not take that lesson to heart. The general meaning is that we must learn to be on our guard against the consequences of treachery and sin. No fortuitous alliances with other men of iniquity will save us.