Abbas - Tanwîr al-Miqbâs min Tafsîr Ibn ‘Abbâs
(And if ye do not) if you do not abstain from usury, (then be warned of war (against you) from Allah and His Messenger) then be ready for a torment from God in the Hereafter by means of the Fire and its chastisement and also be ready for the sword from His Messenger in the life of this world. (And if ye repent) from usury, (then ye have your principal (without interest)) that is owed to you by the Banu Makhzum. (Wrong not) anyone by demanding interest, (and ye shall not be wronged) by anyone if they give you back your capitals; it is also said that 'wrong not' means: do not harm others; and 'you shall not be wronged' meaning: you shall not be harmed because of your debts.
But if you do not, do what you have been commanded, then be warned, have knowledge, of war from God, and His Messenger, against you: herein is a grave threat for them. When it was revealed, they said, ‘What power can we have in a war against Him!’ Yet if you repent, and forgo it, you shall have your principal sums, the original amounts, not being unjust, by charging interest, and no injustice being done to you, by way of any diminution.
Allah commands His believing servants to fear Him and warns them against what would bring them closer to His anger and drive them away from His pleasure. Allah said,
يأَيُّهَا الَّذِينَ ءَامَنُواْ اتَّقُواْ اللَّهَ
(O you who believe! Have Taqwa of Allah) meaning, fear Him and remember that He is watching all that you do.
وَذَرُواْ مَا بَقِىَ مِنَ الرِّبَواْ
(And give up what remains of Riba) meaning, abandon the Riba that people still owe you upon hearing this warning,
إِن كُنتُم مُّؤْمِنِينَ
(if you indeed have been believers) believing in the trade that He allowed you and the prohibition of Riba. Zayd bin Aslam, Ibn Jurayj, Muqatil bin Hayyan and As-Suddi said that this Ayah was revealed about Bani `Amr bin `Umayr, a sub-tribe of Thaqif, and Bani Al-Mughirah, from the tribe of Bani Makhzum, between whom were outstanding transactions of Riba leftover from time of Jahiliyyah. When Islam came and both tribes became Muslims, Thaqif required Bani Al-Mughirah to pay the Riba of that transaction, but Bani Al-Mughirah said, "We do not pay Riba in Islam.'' `Attab bin Usayd, the Prophet's deputy on Makkah, wrote to the Messenger of Allah about this matter. This Ayah was then revealed and the Messenger of Allah conveyed it to `Attab,
(O you who believe! Be afraid of Allah and give up what remains (due to you) from Riba (from now onward), if you are (really) believers. And if you do not do it, then take a notice of war from Allah and His Messenger.)
They said, "We repent to Allah and abandon whatever is left of our Riba'', and they all abandoned it This Ayah serves as a stern threat to those who continue to deal in Riba after Allah revealed this warning.
Riba Constitutes War Against Allah and His Messenger
Ibn Jurayj said that Ibn `Abbas said that,
(then take a notice of war) means, "Be sure of a war from Allah and His Messenger.'' He also said, "On the Day of Resurrection, those who eat Riba will be told, `take up arms for war.''' He then recited,
(And if you do not do it, then take a notice of war from Allah and His Messenger,) "Whoever kept dealing with Riba and did not refrain from it, then the Muslim Leader should require him to repent. If he still did not refrain from Riba, the Muslim Leader should cut off his head.''
(But if you repent, you shall have your capital sums. Deal not unjustly) by taking the Riba,
(And you shall not be dealt with unjustly) meaning, your original capital will not diminish. Rather, you will receive only what you lent without increase or decrease. Ibn Abi Hatim recorded that `Amr bin Al-Ahwas said, "The Messenger of Allah gave a speech during the Farewell Hajj saying;
(Verily, every case of Riba from the Jahiliyyah is completely annulled. You will only take back your capital, without increase or decrease. The first Riba that I annul is the Riba of Al-`Abbas bin `Abdul-Muttalib, all of it is annulled.)
Being Kind to Debtors Who Face Financial Difficulties
(And if the debtor is having a hard time, then grant him time till it is easy for him to repay; but if you remit it by way of charity, that is better for you if you did but know.) Allah commands creditors to be patient with debtors who are having a hard time financially,
(Whoever gives time to a debtor facing hard times, will earn charity multiplied two times for each day he gives.) I said, `O Messenger of Allah! I heard you say, `Whoever gives time to a debtor facing hard times, will gain charity of equal proportions for each day he gives.' I also heard you say, `Whoever gives time to a debtor facing hard times, will earn charity multiplied by two times for each day he gives.' He said,
(He will earn charity of equal proportions for each day (he gives time) before the term of the debt comes to an end, and when the term comes to an end, he will again acquire charity multiplied by two times for each day if he gives more time.)''
Ahmad recorded that Muhammad bin Ka`b Al-Qurazi said that Abu Qatadah had a debt on a man, who used to hide from Abu Qatadah when he looked for him to pay what he owed him. One day, Abu Qatadah came looking for the debtor and a young boy came out, and he asked him about the debtor and found out that he was in the house eating. Abu Qatadah said in a loud voice, "O Fellow! Come out, for I was told that you are in the house.'' The man came out and Abu Qatadah asked him, "Why are you hiding from me'' The man said, "I am having a hard time financially, and I do not have any money.'' Abu Qatadah said, "By Allah, are you truly facing a hard time'' He said, "Yes.'' Abu Qatadah cried and said, "I heard the Messenger of Allah say,
(On the Day of Resurrection, one of Allah's servants will be summoned before Him and He will ask him, "What deeds did you perform for Me in your life'' He will say, "O Lord! In my life, I have not performed a deed for Your sake that equals an atom,'' three times. The third time, the servant will add, "O Lord! You granted me wealth and I used to be a merchant. I used to be lenient, giving easy terms to those well-off and giving time to the debtors who faced hard times.'' Allah will say, "I Am the Most Worthy of giving easy terms. Therefore, enter Paradise.'')
Al-Bukhari, Muslim and Ibn Majah also recorded this Hadith from Hudhayfah, and Muslim recorded a similar wording from `Uqbah bin `Amir and Abu Mas`ud Al-Badri. Allah further advised His servants, by reminding them that this life will soon end and all the wealth in it will vanish. He also reminded them that the Hereafter will surely come, when the Return to Him will occur, and that He will hold His creation accountable for what they did, rewarding them or punishing them accordingly. Allah also warned them against His torment,
(And have Taqwa for the Day when you shall be brought back to Allah. Then every person shall be paid what he earned, and they shall not be dealt with unjustly.'')
This is the same narration reported by Ad-Dahhak and Al-`Awfi from Ibn `Abbas.
Maududi - Sayyid Abul Ala Maududi - Tafhim al-Qur'an
This verse was revealed after the conquest of Makkah, but was inserted here because it also deals with interest. Even before its revelation, interest was regarded as a hateful thing though it had not yet been legally forbidden. But after its revelation, money-lending on interest became a criminal offence in the Islamic State. Those clans who carried on this business in Arabia, were duly warned to give it up for otherwise a war would be declared against them. When the Christians of Najran were granted autonomy within the Islamic State, it was specified in the treaty that if they continued their money-lending business, the treaty would come to an end and there would be a state of war between the parties.
From the concluding portion of this verse, Ibn `Abbas, Hasan Basri, Ibn Sirin and Rubai'-bin-Anas have concluded that the one who takes interest in the Islamic State should be warned to repent of it, and if he does not give it up, he should be put to death. But the other jurists are of the opinion that he should be put in prison and kept there until he undertakes to give up this business.
This verse empowers an Islamic court of law to compel the creditors to give more time to the debtors for the payment of debts, if they are in such straitened circumstances that they cannot pay back their debts. Under certain circumstances, the court is entitled to write off the debt altogether or a part of it. A Tradition says that a man suffered loss in his business and came heavily under debt. When his case was taken to the Holy Prophet, he made an appeal to the people to help him out of it. Accordingly, the people made monetary contributions, but even then he could not clear all his debts. Then the Holy Prophet addressed the creditors and told them that they would have to be satisfied with whatever was collected for the payment of their debts. The jurists have explained that the house in which a tnan lives, his utensils, clothes and tools of trade can in no case be confiscated.
But if you do not then be warned of war from God and His Messenger. Yet if you repent you shall have your principal sums not being unjust and no injustice being done to you. Those who willfully persist have no weight or measure miqdār before Us no standing or degree of dignity akhṬār.