Not all of them are alike: Of the People of the Book are a portion that stand (For the right): They rehearse the Signs of Allah all night long, and they prostrate themselves in adoration.
They believe in Allah and the Last Day; they enjoin what is right, and forbid what is wrong; and they hasten (in emulation) in (all) good works: They are in the ranks of the righteous.
Of the good that they do, nothing will be rejected of them; for Allah knoweth well those that do right.
Those who reject Faith,- neither their possessions nor their (numerous) progeny will avail them aught against Allah: They will be companions of the Fire,-dwelling therein (for ever).
What they spend in the life of this (material) world May be likened to a wind which brings a nipping frost: It strikes and destroys the harvest of men who have wronged their own souls: it is not Allah that hath wronged them, but they wrong themselves.
In verse 110, it was said that among the people of the Book there
are those who believe, yet most of them are disbelievers. Details
appear in the present verse which gives a complementary profile of
those who believed from among the people of the Book, and by
becoming Muslims, they adopted the distinguishing hallmarks of the
Faith that go to make believers the best of communities.
Soon after praising those who had embraced Islam from among the
people of the Book, the text censures those of them who did not
embrace Islam and insisted on retaining their stance of disbelief, not
realizing that their wealth and their children will be unable to save
them from the punishment of Allah and Hell shall be their eternal
Verse 117 declares through a similitude that disbelievers simply
waste what they spend in this worldly life, for belief in Islam is a pre-condition in order that such spendings be acceptable with Allah, of whatever sort they may be. The similitude stresses the fact that disbelievers inflict this injustice upon themselves when their spendings go to waste in this world and remain rewardless in the Hereafter. If they were not to wrong themselves, if they were to embrace Islam, they
would have been like other Muslims who, on suffering a worldly loss,
are compensated by Allah through reward and forgiveness of sins, as
reported in ahadith.
Shafi, Muhammad (2008). Maariful Quran. (Vol .2 surah 3 pg. 162-163). English-MaarifulQuran-MuftiShafiUsmaniRA-Vol-2.pdf (islamicweblibrary.com)