If this verse were revealed in relation to the Jews (i e. "This day I have perfected your religion for you and have completed My favours for you and have chosen for you al-Islam as religion") we would have taken the day of rejoicing on which this verse was revealed. Thereupon 'Umar said: I know the day on which it was revealed and the hour when it was revealed and where Allah's Messenger (ﷺ) had been when it was revealed. It was revealed on the night of Friday and we were in 'Arafat with Allah's Messenger (ﷺ) at that time.
The Book of Commentary on the Qur'an
This commentary is presented from the perspective of a classical Muslim scholar, drawing upon the established tradition of tafsīr and the narration of ῾Umar ibn al-Khaṭṭāb (may Allah be pleased with him) as recorded in Ṣaḥīḥ Muslim 3017 b.
Context of the Revelation
The narration clarifies that the momentous verse, "This day I have perfected your religion for you..." (Surah Al-Ma'idah 5:3), was not revealed concerning the Jews, but was a specific favor and completion granted to the Ummah of Muhammad (ﷺ).
It was revealed during the Farewell Pilgrimage (Ḥijjat al-Wadā῾), specifically while the Prophet (ﷺ) and his companions were standing at ῾Arafat on a Friday. This timing imbues the Day of ῾Arafah (Yawm ῾Arafah) and the day of Jumu῾ah (Friday) with immense significance.
Scholarly Interpretation
The perfection of the religion signifies the completion of divine legislation. After this revelation, no new laws of the Sharī῾ah would be revealed. The religion of Islam, with its creed, acts of worship, and legal rulings, was now complete and comprehensive.
The completion of Allah's favor refers to the totality of His blessings, the greatest of which is the guidance of Islam itself. The choice of Islam as a religion affirms its finality and Allah's acceptance of it as the only path to His pleasure.
The location of its revelation, ῾Arafat, is the very essence of the Hajj pilgrimage, symbolizing the culmination of the devotional acts that constitute the pillars of Islam.