Amal,
Your question #1:
"If you guys want to make it a point that Quran covers only the 7th century, than this will definitely accompany another question - what about Islam itself?
MY ANSWER:
Quran was revealed in the likeness of the 7th century so the people of the 7th century can relate to it!
But, is it timeless?
Not, the way it is practised. Islam is frozen in the 7th century.
Islam, today is based on the 7th century Sunnah of the Prophet. The Islamic laws are also based on the Prophet's Sunnat. Is the Prophet sunnah timeless and for all ages?
You mentioned about the "BASICS OF ISLAM" ! Let's take a couple of examples: Salah/Prayers & Zakat - these are amongst the Basics of Islam.
Now, show me where in the Quran does it say that the Salah should be with so many rakats, facing Mecca, as done today?
Then, pls show me where in the quran does it say the zakat should be 2.5%?
Your point #2"
You mentioned Ijthehad which "allows Muslims to sit and find out a way which is more acceptable to the followers."
My ANSWER:
To find "acceptable ways" -- Isn't that same as "re-interpretation" of the existing laws?
Ijthehad requires Ijmat or complete consensus. Can you find me an alim willing to be a part of ijmat that will re-interpret laws that are based on the Prophet's Sunnah.
Your point #3:
"Islam and Quran are ageless - made for all ages"
MY ANSWER:
Quran was revealed to be ageless & timeless. To be ageless & timeless requires flexibility not rigidity.