I have two question regarding Bani Israil as per Islam's opinion.

1) In the Qur'an we have several verses where Allah speak of Bani Israil as the chosen people. What does it mean by that ? Is it an ethnic conception, so that only the Israelites where God's favourite over the rest of mankind ? Because we see that the Jews seem to believe so until today.

2) Secondly, if this was the case, how come it changed ? In the Old Testament, there are numerous verses which states that God's law for Bani Israil are meant to stay forever (Shabbat for exemple). So how come then God sent a prophet like 'Isa (as) to them, which modified some of their law ? Isn't this the reason why they rejected him ?

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1) The Bani Israeel were chosen in the sense that Allah sent so many prophets to them. He honored with with many prophets and scriptures. This is what it means for them to be chosen, not that they are better than other people or ethnic groups. Now when Allah sends you many prophets, your responsibility is greater. Unfortunately most of them disobeyed their prophets and so Allah condemned them and cursed them.

2) The Jewish law was not meant to stay forever. Prophet Musa (a) had foretold about Isa (a). If the Old Testament claims that those laws were meant to stay forever, then that is a distortion of the actual Torah.