The example of what they spend in this worldly life is like that of a wind containing frost which strikes the harvest of a people who have wronged themselves [i.e., sinned] and destroys it. And Allāh has not wronged them, but they wrong themselves.
Virtues of the People of the Scriptures Who Embrace Islam
Muhammad bin Ishaq and others, including Al-Awfi who reported it from Ibn Abbas, said;"These Ayat were revealed about the clergy of the People of the Scriptures who embraced the faith. For instance, there is Abdullah bin Salam, Asad bin Ubayd, Tha`labah bin Sa`yah, Usayd bin Sa`yah, and so forth.
This Ayah means that those among the People of the Book whom Allah rebuked earlier are not at all the same as those among them who embraced Islam.Hence Allah's statement,
لَيْسُواْ سَوَاء ...
Not all of them are alike."Therefore, these two types of people are not equal, and indeed, there are believers and also criminals among the People of the Book, just as Allah said,
In verse 110, it was said that among the people of the Book there are those who believe, yet most of them are disbelievers. Details appear in the present verse which gives a complementary profile of those who believed from among the people of the Book, and by becoming Muslims, they adopted the distinguishing hallmarks of the Faith that go to make believers the best of communities.
Soon after praising those who had embraced Islam from among the people of the Book, the text censures those of them who did not embrace Islam and insisted on retaining their stance of disbelief, not realizing that their wealth and their children will be unable to save them from the punishment of Allah and Hell shall be their eternal abode.
Verse 117 declares through a similitude that disbelievers simply waste what they spend in this worldly life, for belief in Islam is a pre-condition in order that such spendings be acceptable with Allah, of whatever sort they may be. The similitude stresses the fact that disbelievers inflict this injustice upon themselves when their spendings go to waste in this world and remain rewardless in the Hereafter. If they were not to wrong themselves, if they were to embrace Islam, they would have been like other Muslims who, on suffering a worldly loss, are compensated by Allah through reward and forgiveness of sins, as reported in ahadith.
Tazkirul Quran
Maulana Wahiduddin Khan
The love of wealth and children becomes an obstacle to accepting a religion, which entails all kinds of sacrifices. And adherence to God’s religion is not a matter of engaging in hollow pretences of piety carried out in the public eye. Just as a gust of chill air ravages the whole harvest, so will the tempest of the Last Day (qiyamah) render valueless all such ostentatious acts. There were some among the Jews who believed in the Prophet Muhammad. And a few God-fearing people are more precious in the eyes of God than a host of ungodly people. But merely being a member of a community formed of one race in the name of a prophet, is not enough to earn one salvation. What is actually required of an individual is that he binds himself by a covenant with God. By ‘covenant’ is meant faith—the sacred bond between God and man. That is to say, personal actions and not community relationship make one deserving of God’s mercy and blessings. All the responsibilities that faith implies are included in this pledge. Remembering God in one’s solitude, worshipping Him, leading one’s life keeping in view the Hereafter, enjoining goodness upon the people around one, discouraging people from committing evil, working unstintingly for the cause of God—all such actions fulfill the divine covenant. Those who follow such a course are upright people in the eyes of God. God has full knowledge of their actions, for which He will reward them, and He will greatly honour them on the Day of Judgement.
Uthmani text of the Madinah mushaf (King Fahd Complex). Translation: Saheeh International. Tafsir via Quran.com.