Ishfāq is among the highest frequency words belonging to the semantic field of fear in the holy Quran. Nevertheless, a study of lexicographical and exegetical sources indicates that there is not enough knowledge concerning the semantic components of this term, and its differences with such words as Khawf and Khashiyyah considered close in meaning with the former. The present research is an attempt to trace the oldest history of the root (sh-f-q) in Semitic languages, making use of historical semantics methodology. Studying the semantic changes of this root towards the Quranic Arabic, this study seeks to reexamine its semantic components in the holy Quran. Although some Muslim lexicographers hold that there is a polysemy between the words (shafaq) meaning the redness of the horizon after sunset, and (Ishfāq), meaning fear, considering both from the same etymon, this study concludes that there is no etymological relation between the above-mentioned words, each having its own distinctive historical origin. Ishfāq involves two significant semantic components, i.e. fear and scarcity. It thus signifies a kind of fear emanating from scarcity of water, food, money, etc.