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In his book, بالحجة والبرهان لا نسخ في القرآن, pages 84-87, Al-Ghaali rejects this abrogation claim by offering two reconciliatory arguments,

1. The word المشركات, if interpreted to mean all non-Muslim women, then 5:5 made it specific by excepting the people of the Book. Specification and exception are not abrogations because abrogation must be total.
2. The word means polytheists and therefore doesn't apply to people of the Book. That opinion was offered by Qataada, Ibn Jubair, Uthmaan, Talha, Ibn Abbaas, Jaabir, Huzhayfa, Abu-Haneefa and one of two opinions of Ash-Shaafi`i.