Building on the multivalent meanings of the Arabo- Persian tarjama (‘to interpret’, ‘to translate’, ‘to narrate’), this essay argues for the relevance of Qur’ānic inimitability (i’jāz) to contemporary translation theory. I examine how the translation of Arabic rhetorical theory (‘ilm al-balāgha) into Persian inaugurated new trends within the study of literary meaning. Finally, I show how Islamic aesthetics conceptualizes the translatability of literary texts along lines kindred to Walter Benjamin.