This is the challenge of the Quran, where this ayat, Allaah throws a challenge to the whole of Quran. Infact Allaah is also challenged even a surah of 3 ayah to produce a similitude to it.. If someone is got time, just read the next verse where Allaah after this challenge in his Mercy explains humankind to become believers.
Surah Isra
**017.088 ( Same verse 3 translators)
**YUSUFALI: Say: "If the whole of mankind and Jinns were to gather together to produce the like of this Qur’an, they could not produce the like thereof, even if they backed up each other with help and support. **
**PICKTHAL: Say: Verily, though mankind and the jinn should assemble to produce the like of this Qur’an, they could not produce the like thereof though they were helpers one of another. **
***SHAKIR: Say: If men and jinn should combine together to bring the like of this Quran, they could not bring the like of it, though some of them were aiders of others. ***
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And I believe the judges of this contest will be unbiased people. My opinion it should be a panel of all major religions one person from each. Other suggestions are welcomed.
I don't think that the challenge is still valid as we wouldn't know whether 'the competition' was able to bring up anything solid or not, human-being can't be judge.
There are a couple of websites where Christians believe they have taken up and met this challenge.
I don’t really want to provide links to such false verses… search on google for “quran challenge verse” and look at the first link, which is an anti-Islam Christian run site.