There are two levels of Quranic comprehension—the first is the Quran, and the second is the applied Quran. The first level in understanding the Quran is to know how those who lived at the time when the Quran was being revealed understood it. The second level is to try to understand what its applied meaning is in the context of the changed conditions of today.
These conditions for understanding the Quran can be helpful only at the first level of understanding. But, for the second level of Quranic comprehension—the understanding of its applied meaning in the contemporary context—these conditions are wholly insufficient. The only benefit of understanding the Quran at the basic level is that the Quran becomes an understandable book in the historical sense. But as far as the present age is concerned, the current generation will not gain any guidance from it. They may accept the Quran only as a matter of belief, but it will not be possible for them to make the Quran a living guide, although the actual significance of the Quran is its guidance meant for all times and for all people.
Source: Spirit of Islam November 2015