Tafsir of An-Nahl 16:95

The intended meaning of "the covenant of Allah" according to many is the oath of allegiance to the Messenger of Allah—may Allah Almighty grant him peace and blessings—upon faith. "Exchanging" (al-ishtira’) is used metaphorically to mean substitution, due to His Almighty’s saying: "for a small price." For the "price" is that with which something is purchased, not that which is purchased. The meaning is: Do not take, in exchange for His covenant, a meager compensation from this world.

Al-Zamakhshari said: Some of those who accepted Islam in Mecca were tempted by Satan, due to their distress over what they saw of the dominance of the Quraish, their oppression of the Muslims, and the harm they inflicted upon them, as well as the promises they (the Quraish) made to them if they were to renounce what they had pledged to the Messenger of Allah—may Allah Almighty grant him peace and blessings. So Allah Almighty strengthened them with this verse and forbade them from substituting that covenant with the worldly goods they promised them.

Ibn Atiyyah said: This is a prohibition against bribery and taking money to abandon what is incumbent upon the taker to perform, or to perform what is incumbent upon him to abandon. Thus, "the covenant of Allah" is intended to encompass what was mentioned previously and more; its excellence is not hidden.

(That which is with Allah) Meaning: That which He has stored and kept for you in this world and the Hereafter is better for you than that small price.

(If you only knew) Meaning: If you are among the people of knowledge and discernment. The verb here is treated as an intransitive verb. It is also said that it is transitive, with the object omitted, meaning: [if you knew] the superiority of one situation over the other. The first interpretation is more eloquent and does not require an estimation. The expression "that which is with Allah" is clearly superior, and the sentence serves as a justification for the prohibition in the manner of verification.