This verse speaks of one of the basic aspects of the prophethood which is among the fundamental tenets of Islam. That is, the Holy Prophet ﷺ has been sent as His Messenger to the entire mankind and to the jinn (genies) coming into being upto the day of judgment.
This verse has commanded the Holy Prophet ﷺ to make general declaration that he has been sent to all the people of the world, and that his prophethood was not limited to a particular people and place as was the case with the early prophets who came to a particular people and place and for a limited period of time.
He is the last of all Prophets (علیہم السلام)
The fact that the Holy Prophet ﷺ has been sent down at the end of all prophets is an obvious reason behind the Islamic belief of Finality of prophethood. His being the last of all prophets and coming down for the guidance of all people of all future times leaves no room for any other Prophet. The same fact provides with an explanation to a characteristic quality of the Muslim Ummah. According to a Tradition of the Holy Prophet ﷺ ، there shall always be a group among the Muslims who will keep defying the anti-Islamic forces and putting resistance in the way of sacrilegious thought and practice. It will also correct false interpretations of the Qur'an and the Sunnah. This group shall be favoured by Allah with His special help and thereby will, ultimately, win over the opposite forces. It is because these people are considered to be the real inheritors of the prophetic mission, faithfully discharging their duty after the Holy Prophet ﷺ .
Imam al-Razi, under the comments of the Qur'anic commandment كُونُوا مَعَ الصَّادِقِي (Be in the company of the truthful) has remarked that this phrase has provided an assurance that a group of the truthful shall always be available for people, otherwise the command of seeking their company made no sense. Imam Razi has inferred the principle of consensus (اِجمَاع) from this phrase. That is, the presence of the truthful people was enough to preclude the agreement of the Muslim Ummah on error.
Ibn Kathir has inferred from this verse it has provided a proof that the Holy Prophet ﷺ was the seal of and for prophets (علیہم السلام) because his message was for all the people of the world the ages to come. According to some authentic Traditions, the Prophet 'Isa (علیہ السلام) will also follow the Law of the Holy Prophet ﷺ after his descent from heavens in the last age. Apart from this verse there are many other verses which speak in unmistakable terms of the Finality of Prophethood. For example the Holy Qur'an said:
وَأُوحِيَ إِلَيَّ هَـٰذَا الْقُرْآنُ لِأُنذِرَكُم بِهِ وَمَن بَلَغَ
"And this Qur'an has been revealed to me that I may warn you thereby, and whomsoever it may reach." (6:19)
This, evidently, enjoins the following of the Holy Qur'an upon all the people coming after the Holy Prophet ﷺ and to acquire knowledge of the Qur'an.
Some distinctions of the Holy Prophet ﷺ
Ibn Kathir has cited the Musnad of lmam Ahmad reporting by authentic narrators that at the occasion of the battle of Tabuk, the Holy Prophet ﷺ was engaged in the late night prayer (Tahajjud). The companions gathered around …