Oh children of Israel! You remember the favors which I bestowed upon you, and you fulfill the covenant made with Me, I will fulfill My covenant with you if you heed Me alone.
Israel is another name of Ya’qoob who is the grandson of Messenger Ibrahim. These verses address the Jews in Medina during the period of Messenger Muhammad. The favors bestowed upon their forefathers about 1,500 years before (i.e. during the time of Messenger Moses) are mentioned here. This is because the Jews in Medina were arguing that we are following the footsteps of our forefathers on a straightway and they were boasting that their hearts are overflowing with the Book revealed upon them, and so they don’t need another Book as the Guidance.
Today this verse reflects the state of the Arabic Quran reading Fujjar all over the world who are falsely claiming and boasting that they are following the Messenger and his companions. But actually, they are hiding and rejecting Adhikr, and are falsifying Messenger and his true followers before other people. They are following twenty-nine pseudo-prophets and are hurrying for the thirtieth pseudo-prophet Antichrist. As their concept about the Lord is false, they are serving Satan and are following his footsteps as explained in verses 2: 168-169. See explanation 5: 47; 7: 102; 16: 90-91 and 17: 34.