This excerpt is taken from Sheikh Ghulam Mustafa Zaheer Amanpuri's book Khatm-e-Nubuwwat.
The Finality of Prophethood and the Demise of Caesar and Khosrow
The end of the rule of Caesar and Khosrow is one of the miracles of prophethood. The Messenger of Allah, peace be upon him, made a prophecy about it, and it was fulfilled. Observe:
Sayyiduna Abu Huraira, may Allah be pleased with him, narrates that the Messenger of Allah, peace be upon him, said:
إذا هلك كسرى فلا كسرى بعده، وإذا هلك قيصر فلا قيصر بعده، والذي نفس محمد بيده، لتنفقن كنوزهما فى سبيل الله .
"After the destruction of Khosrow, there will be no Khosrow, and after the destruction of Caesar, there will be no Caesar. By the One in Whose hand is the soul of Muhammad, you will surely spend the treasures of Caesar and Khosrow in the way of Allah."
Reference: (Sahih al-Bukhari: 3818, Sahih Muslim: 2918)
Hafiz Nawawi, may Allah have mercy on him (676 AH), writes:
قال الشافعي وسائر العلماء : معناه لا يكون كسرى بالعراق ولا قيصر بالشام كما كان فى زمنه صلى الله عليه وسلم فعلمنا صلى الله عليه وسلم بانقطاع ملكهما فى هذين الإقليمين فكان كما قال صلى الله عليه وسلم فأما كسرى فانقطع ملكه وزال بالكلية من جميع الأرض وتمزق ملكه كل ممزق واضمحل بدعوة رسول الله صلى الله عليه وسلم وأما قيصر فانهزم من الشام ودخل أقاصي بلاده فافتتح المسلمون بلادهما واستقرت للمسلمين ولله الحمد وأنفق المسلمون كنوزهما فى سبيل الله كما أخبر صلى الله عليه وسلم وهذه معجزات ظاهرة .
"Imam Shafi'i, may Allah have mercy on him, and all other scholars interpret the meaning of this hadith as that Khosrow in Iraq and Caesar in Sham will never regain the prominence they had during the time of the Noble Prophet, peace be upon him. The Messenger of Allah, peace be upon him, foretold the collapse of the kingdoms of Caesar and Khosrow in these two regions. Thus, the kingdom of Khosrow was completely ended; its existence did not remain, and Caesar was defeated and confined to some distant areas of Sham. The Muslims conquered these lands and established Islamic rule there. Then, exactly as the prophetic statement said, they spent the treasures of Caesar and Khosrow in the way of Allah. These are clear miracles of the Prophet, peace be upon him."
Reference: (Sharh Muslim: 43/18)
Allama Abu Zur'ah Ibn al-'Iraqi, may Allah have mercy on him (824 AH), writes:
مما انقرض، ولم يعد بقاء اسم قيصر لأن ملوك الروم لا يسمون الآن بالأقاصرة، وذهب ذلك الاسم عن ملكهم فصدق أنه لا قيصر بعد ذلك الأول، وظهر بذلك أن قوله : لا كسرى على ظاهره مطلقا .
"When the empire of Caesar was broken, the name Caesar was ended; the kings of Rome were no longer called Caesar. This title of their kings was completely erased, and the statement of the Messenger, peace be upon him, was proven true that after him no Caesar would arise. This also shows that the statement of the Prophet, peace be upon him, regarding Khosrow was to be understood literally."
Reference: (Tarh al-Tathreeb: 252/7)