Blasphemy has several shades, such as casting doubt on Allah (SwT)'s holistic universal control and His boundless bounty, as enshrined in the following verse of Holy Quran:
'The Jews say, ''Allah's hand is tied up'' Be their hands tied up and be they accursed for the (blasphemy) they utter. Nay, both His hands are widely outstretched: He giveth and spendth (of His bounty) as He pleaseth. But the revelation that cometh to thee from Allah increaseth in most of them their obstinate rebellion and blasphemy. Amongst them We have placed enmity and hatred till the Day of Judgement. Every time they kindle the fires of war, Allah doth extinguish it; but they (ever) strive to do mischief on earth. And Allah loveth not those who do mischief' (Al Ma'idah: 64)
The taunt that ''Allah's hand is tied'' relates to the Jewish take that a ''beautiful loan to Allah'' could mean that ''Allah is poor'' or it could be taken it to mean, ''Allah's hands are tied up. He is close fisted. He does not give''. Nothing could be far from truth as a ''beautiful loan to Allah'' in essence means to make due provision for others in need, out of what Allah (SwT) has provided to you in His bounty. And, once you have filled your part of the covenant, the boundless bounty of Allah (SwT) would fill you with much more, as you have extended a ''beautiful loan to Allah''. One the contrary, It may not be stretched to the extent of being blasphemous, as the Jewry does by making out that ''Allah's hand is tied up''.
The revelation that Allah increaseth in most of them their obstinate rebellion and blasphemy relates to choosing Prophet Mohammad (pbuh) as the last Prophet in the prophetic trail, which needlessly evoked animosity and hatred amongst people of the book. Those who opposed and continue to oppose this divine choice, provoke enmity and hatred and kindle fires of war, and as related, Allah (SwT) doth extinguish it, and as Allah (SwT) loveth not those who do mischief.