وَإِذْ أَخَذْنَا مِنَ النَّبِيِّينَ مِيثَاقَهُمْ وَمِنكَ وَمِن نُّوحٍ وَإِبْرَاهِيمَ وَمُوسَى وَعِيسَى ابْنِ مَرْيَمَ وَأَخَذْنَا مِنْهُم مِّيثَاقًا غَلِيظًا

What the Bahais say:
This verse refers to Allah taking the covenant from the five prophets - Mohammed, Noah, Abraham, Moses, and Jesus the son of Mary (peace be upon them) regarding Bahaullah's prophethood. Notice how similar the claim of the Bahais with regards to this particular verse is to the previous verse i.e. Surah Ale Imran: 81. Not surprisingly, they are equally mistaken with regards to this verse.

What is the basis of this interpretation:
This is another instance of the Bahais misinterpreting a verse to suit their own designs without any reference to the Quran and Sunnah. It is a lame attempt to show that Allah had extracted the covenant from the prophets with regards to Bahaullah, when the reality is far from this.

What the Muslims say:
This verse refers to Allah extracting the covenant of His Godhood from all the prophets with a specific mention of the five great prophets. In effect, this verse underscores the finality of Prophet Mohammed (pbuh) in light of his being the first among all prophets to testify to Allah's Godhood.

Perhaps there is no bigger blunder the Bahais have made with respect to the misrepresentation of the Holy Quran than by advancing this particular verse as proof of Bahaullah's prophethood. When Allah takes a covenant from these five prophets (among the other prophets) it is regarding His Own Godhood and not Bahaullah's Prophethood.

Pick up any book on the Holy Quran and Sunnah and you will find that this verse is among the clearest evidences on the finality of the prophethood of Prophet Mohammed (pbuh). And unlike Surah Ahzaab: 40, where the Bahais have tried to wriggle out by making lame interpretations of the word 'Khaatam', the interpretation of this verse has the word 'Aakhar' with regards to the prophethood of Prophet Mohammed (pbuh) which means 'last', 'final', 'concluding'.

A. Interpretation of this verse from Ahle Sunnah sources
In Al Durrul Mansoor there are tens of traditions on this verse underlining the finality of Prophet Mohammed's (pbuh) prophethood. As a matter of fact, these traditions highlight two important facts:
1. Prophet Mohammed (pbuh) was created before all the prophets.
2. Prophet Mohammed (pbuh) was sent by Allah after all the prophets.

I have mentioned traditions from Al Durrul Mansoor to illustrate both the above points.

Ibne Jarir narrates from Qutada regarding the verse: We took from the prophets their covenant: As (We did) from thee: from Noah…(Surah Ahzaab: 7) that Prophet Mohammed (pbuh) told us - I am the first prophet to be created and the last one from them (aakhirahom fil ba'as) to be raised.
(Ref: Al Durrul Mansoor volume 5, page 184)

Hasan b. Hareerah narrates from Prophet Mohammed (pbuh) regarding: We took from the prophets their covenant…(Surah Ahzaab: 7) - I was the first prophet in creation and the last one from them (aakhirahom fil ba'as) to be raised…'
(Ref: Al Durrul Mansoor volume 5, page 184)

Ibne Abi Shaibah narrates from Qutada - when the Prophet (pbuh) recited this verse: We took from the prophets their covenant: As (We did) from thee: from Noah…(Chapter of Ahzaab, verse 7) he said - All goodness was initiated with me and I am the last prophet to be raised (aakhirahom fil ba'as).'
(Ref: Al Durrul Mansoor volume 5, page 184)

Abi Hareerah narrates regarding this verse - The best sons of Adam are five: Nuh, Ibrahim, Moosa, Esa and Mohammed (peace be on them)
(Ref: Al Durrul Mansoor volume 5, page 184)

B. Interpretation of this verse from Shia sources
There is a very interesting tradition from Tafsire' Qummi from Imam Sadiq on this verse:

"The first among all the creatures to testify to the covenant was Prophet Mohammed (pbuh). And that is why he is the closest and most proximate creature to Allah, the Almighty. He (Mohammed pbuh) had the highest position near Allah. Jibrail informed him about this on the night of the ascent (Meraaj) when he told him - 'O Mohammed you have a position in front of Allah that none can claim to have it, be it a proximate angel or a prophet sent forth.' If his soul (Mohammed's soul) and his self had not been from that position, he would not have been able to reach it. Then he was with Allah as the verse (Surah Najm: 9) declares, 'And was at a distance of but two bow-lengths or (even) nearer.'

Then Imam Sadiq said, 'The covenant was extracted from the prophets with regards to Godhood, prophethood and Imamat of Amirul Momineen (Ali bin Abi Talib) and the other Imams. Then Allah said - Am I not your Lord? Is Mohammed not your prophet? Is Ali not your Imam? Are the guided Imams not your leaders?' They said, 'Yes we beat witness (to all this)'.

'The first covenant that Allah took from the prophets was regarding His Godhood - 'We took from the prophets their covenant…' In this verse, Allah mentions all the prophets in summarised manner (min Al Nabiyyeen). However, He mentions the most superior of them with name (Nuh, Ibrahim, Moosa Esa) and before naming all these prophets He says - 'As (We did) from thee (O Mohammed)' because Prophet Mohammed (pbuh) was superior to even these four most superior prophets. Then these five are the most superior of prophets and Prophet Mohammed (pbuh) was superior to the other four.
(Ref: Tafsire' Qummi volume 1, page 248)

Ali b. Ibrahim Qummi says, 'Then Allah took the covenant from the prophets regarding His Godhood…then He took a covenant from all the prophets regarding prophethood of Prophet Mohammed (pbuh).'
(Ref: Tafsire' Qummi, volume 2 page 152)

Conclusion
The above verses conclusively prove the Finality of the Prophethood of the Holy Prophet of Islam (pbuh) from the Quran.

The above interpretations from Muslim sources should also be sufficient to highlight how the Bahais have misinterpreted the Quran. It is but logical that if we wish to seek a clarification about the Quran, then we should seek it from the one on whom the Quran was revealed and not from some person who was born more than 1200 years after the incident.