Far from knowledge being limited, Bahá’u’lláh quotes the Muslim tradition that "every knowledge hath seventy meanings," and asserts that the "meaning" of the Word of God "can never be exhausted."

Universal House of Justice, Interpretations of Sacred Writings, 9 March 1987

If you study the Writings of ‘Abdu’l-Bahá and of the Guardian, you will see how tremendously they differ from the interpretations of the Rabbis and the Church. They are not a progressive fossilization of the Revelation, they are for the most part expositions which throw a clear light upon passages which may have been considered obscure, they point up the intimate interrelationship between various teachings, they expound the implications of scriptural allusions, and they educate the Bahá’ís in the tremendous significances of the Words of Bahá’u’lláh. Rather than in any way supplanting the Words of the Manifestation, they lead us back to them time and again.

The Universal House of Justice, Messages 1963 to 1986, p. 517

Individual interpretations based on a person's understanding of the teachings constitute the fruit of man's rational power and may well contribute to a more complete understanding of the Faith. Such views, however, lack authority. The believers are, therefore, free to accept or disregard them. Further, the manner in which an individual presents his interpretation is important. For example, he must at no time deny or contend with the authoritative interpretation, but rather offer his idea as a contribution to knowledge, making it clear that his views are merely his own.

Universal House of Justice, Interpretations of Sacred Writings, 9 March 1987

The House of Justice hopes that these explanations will help you to understand some of the aspects of the Faith that have been troubling you. The crux of the matter, as you realize, is the acceptance of spiritual authority and what this implies. You express the fear that the authority conferred upon ‘Abdu’l-Bahá, the Guardian and the Universal House of Justice could lead to a progressive reduction in the "available scope for personal interpretation," and that "the actual writings of the Manifestation will have less and less import," and you instance what has happened in previous Dispensations. The House of Justice suggests that, in thinking about this, you contemplate the way the Covenant of Bahá’u’lláh has actually worked, and you will be able to see how very different its processes are from those of, say, the development of the law in Rabbinical Judaism or the functioning of the Papacy in Christianity. The practice in the past in these two religions, and also to a great extent in Islam, has been to assume that the Revelation given by the Founder was the final, perfect revelation of God's Will to mankind, and all subsequent elucidation and legislation has been interpretative in the sense that it aimed at applying this basic Revelation to the new problems and situations that have arisen. The Bahá’í premises are quite different. Although the Revelation of Bahá’u’lláh is accepted as the Word of God and His Law as the Law of God, it is understood from the outset that Revelation is progressive, and that the Law, although the Will of God for this Age, will undoubtedly be changed by the next Manifestation of God. Secondly, only the written text of the Revelation is regarded as authoritative. There is no Oral Law as in Judaism, no Tradition of the Church as in Christianity, no Hadith as in Islam. Thirdly, a clear distinction is drawn between interpretation and legislation. Authoritative interpretation is the exclusive prerogative of ‘Abdu’l-Bahá and the Guardian, while infallible legislation is the function of the Universal House of Justice.

The Universal House of Justice, Messages 1963 to 1986, p. 517-518

The interpretations of ‘Abdu’l-Bahá and the Guardian are divinely guided statements of what the Word of God means and as such these interpretations are binding on the friends. However, the existence of authoritative interpretations in no way precludes the individual from engaging in his own study of the teachings and thereby arriving at his own interpretation or understanding. Indeed, Bahá’u’lláh invites the believers to "immerse" themselves in the "ocean" of His "words," that they "may unravel its secrets, and discover all the pearls of wisdom that lie hid in its depths."

Universal House of Justice, Interpretations of Sacred Writings, 9 March 1987

The legislation enacted by the Universal House of Justice is different from interpretation. Authoritative interpretation, as uttered by ‘Abdu’l-Bahá and the Guardian, is a divinely guided statement of what the Word of God means. The divinely inspired legislation of the Universal House of Justice does not attempt to say what the revealed Word means -- it states what must be done in cases where the revealed Text or its authoritative interpretation is not explicit. It is, therefore, on quite a different level from the Sacred Text, and the Universal House of Justice is empowered to abrogate or amend its own legislation whenever it judges the conditions make this desirable. Moreover, the attitude to legislation is different in the Bahá’í Faith. The human tendency in past Dispensations has been to want every question answered and to arrive at a binding decision affecting every small detail of belief or practice. The tendency in the Bahá’í Dispensation, from the time of Bahá’u’lláh Himself, has been to clarify the governing principles, to make binding pronouncements on details which are considered essential, but to leave a wide area to the conscience of the individual. The same tendency appears also in administrative matters. The Guardian used to state that the working of National Spiritual Assemblies should be uniform in essentials but that diversity in secondary matters was not only permissible but desirable. For this reason a number of points are not expressed in the National Bahá’í Constitution (the Declaration of Trust and By-Laws of National Assemblies); these are left to each National Spiritual Assembly to decide for itself.

The Universal House of Justice, Messages 1963 to 1986, p. 518-519