Polygamy is one of the absolute and agreed-upon creeds in all the Islamic sects and groups. This has been expressed in verse 3 of Surat An-Nisā (the Women) in the Quran. However, the verse appears ambiguous as it has a conditional structure and the creed is bound by two conditions. The interpreters hold various viewpoints on the matter. The relation between the first clauses—expressed conditionally—with the second clause and its penalty is one of these ambiguities. The present study, while explicating various interpretations of this verse, existing narrations, literal indications, and other reasons presents a new interpretation of the polygamy verse which rejects it as an absolute and unconditional creed and binds it to certain restricted social conditions and requirements.