Al-Baqarah 2:276

These verses, definitively prohibiting usury (riba), were revealed toward the end of the Medinan period. According to the reports they concerned those who sought to collect interest owed from pre-Islamic times; one report mentions a dispute over interest between a clan of Thaqif of Ta'if and the Banu Mughira of Mecca, another the interest claims of Abbas b. Abd al-Muttalib. The verses ruled that the principal may be taken back, that the interest must be relinquished, and that a debtor in hardship must be granted respite. In the Farewell Sermon the Prophet declared all usury of the pre-Islamic era abolished, beginning with the usury owed to Abbas.

Vâhidî, Esbâbü'n-Nüzûl; Taberî; Müslim 1218

Al-Baqarah was the first surah revealed in Medina, coming down in portions over an extended period beginning in the first years after the Hijra. Its main context is the founding of the Muslim community in Medina, relations with the People of the Book (especially the Jewish tribes), the conduct of the hypocrites, and the change of the qibla (2 AH). It contains foundational legislation on fasting, pilgrimage, family law and the prohibition of usury; the usury verses are reported to be among the last revealed.

Klasik tefsir mukaddimeleri; Buhârî ve Müslim rivayetleri