Chapter 2: Surat Al-Baqarah (The Cow), verses 122-124

Translation:
Children of Israel, remember My favour which I have bestowed upon you and that I exalted you among the nations. Fear the day when no soul avails another; when neither ransom nor intercession shall be accepted from it, nor any help be given it. When his Lord put Abraham to the proof with certain commandments, and Abraham fulfilled them, He said: ‘I have appointed you a leader of mankind.’ ‘And what of my descendants?’ asked Abraham. ‘My covenant,’ said He, ‘does not apply to the evil-doers.
Tafsir
(Commentary):
The
Children of Israel were selected by God to perform a very special task: they
were to call other nations to God, impressing on them the fact that they were
answerable to Him for their actions. God sent innumerable prophets among them to
help and guide them in the performance of this task—Abraham, Jacob, Joseph,
Moses, David, Solomon, Zakaria and John the Baptist, to name just a few. After a
while, however, the Children of Israel went into decline. They took their
privileged position, which was in fact due solely to the lofty task that had
been entrusted to them, to be an indication of ethnic superiority. They thus
lost their right to be representatives of divine religion on earth. The coming
of the Arab Prophet signified the replacement of the Children of Israel by the
Children of Ishmael as God’s favoured people: it was they who were chosen to
carry on the task of communicating God’s word to other nations of the world.
Those among the Children of Israel who were truly pious and God fearing soon
realized that the teachings of the Prophet of Islam came to him from God. They
recognized that the word he preached emanated from the same source as had
inspired the Prophets before him. Those who denied him were acting solely out of
prejudice: they refused to accept that any other nation besides their own could
be selected for God’s favor.