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http://www.muslim.org/islam/colours.htm
Wa: The "and", with which these words begin, is considered by the commentators of the Quran to be the kind of "and" which introduces a new subject (wa musta'nifa), so that these words are thought to have no connection with the preceding words: "Do you not see that Allah sends down from the clouds water..." But usually "and" is used to show a connection between the preceding and the following words, the kind of "and" which is called wa 'atifa.On the basis that there is a connection between the two sets of words, this turns out to be an explanation about colours which is entirely in accord with present scientific knowledge. But fourteen hundred years ago no scientist or philosopher in the world knew of these discoveries.
The word wa occurs twice more: "white and red", "and (some) intensely black". The first is again the "and" of connection, but it is the kind which "refers the particular to the general", i.e. red is a particular case while white is general. This, too, discloses a discovery about colours which is now an established fact of modern knowledge.
The "and" in the words "and (some) intensely black" is the kind of "and" known as wa mugha'ira, which excludes black from the category of colours. This fact is not even now known generally, but only to the learned ones.
Min ("And in the mountains ..."): If this particle means "from" indicating the source of something, as it can do, this sheds further light on modern discoveries about colours. Even if taken as meaning "in", it expresses the power and wisdom of God.
Jibal: This is generally applied to mountains. The effect and influence of colours may be particularly seen in mountains. Sometimes the word jibal denotes something which is of great power and worthy of honour. Jibal here indicates the grandeur, power and abundance of the thing which descends from the sky bearing colours. In the Quran, the word jibal also means clouds, as in the verse: "And He sends down from the sky clouds wherein is hail" (24:43). The reaching of the rays of the sun, bearing colours, to the ground after passing through miles of extremely cold clouds, is such a magnificent phenomenon concealing within itself so much of the knowledge and wisdom of God that only modern physicists can understand it properly.
Judad: Tracts, paths, streaks, that which is fast moving -- all these meanings disclose something about modern discoveries regarding colours and light.
Biz: the word "white" in plural. This word is evidence of how perfectly aware of colours the Arabs were, and testifies to Arabic being the perfect language.
Humr: the word "red" in plural. This is to show that there is not just one colour red, but there are many shades and degrees of it. By mentioning red as the last of colours, and by ending with it "different colours", the Quran has given a perfect description which can only be appreciated by those possessing knowledge.
Mukhtalif-un alwanu-ha (lit. their different colours): the pronoun their refers to both white and red. Observing this scientific miracle of the Holy Quran, a physicist will have to concede that it is the word of God. This refers to colours occurring in pairs, a discovery made only recently.
Gharabib sud: Intensely black. After mentioning "different colours", the "and" of exclusion (wa mugha'ira) is used to exclude black from the category of colours, so that the words amount to saying: there are streaks of different colours, ranging from white to red, and there are other streaks which are intensely black. These words show a deep knowledge containing a strong evidence for scientists. Not only is black not declared to be one of the colours, but its nature is fully described as well, and this is a shining proof of the Holy Quran being the word of God.