Bismillah Ar-Rahman Ar-Raheem – In the name of Allah, the Most Beneficent, the Most Merciful.
Al-hamdu lillahi Rabb il-’alamin – Praise be to Allah, Lord of the Worlds:
Ar-Rahman Ar-Raheem – The Most Beneficent, the Most Merciful:
Maliki yawmi-d-Din – Owner of the Day of Judgement.
Iyya-ka na’budu wa iyya-ka nasta’In – Thee (alone) we worship; Thee (alone) was ask for help.
Ihdina-sirat al-mustaqim – Show us the straight path:
Sirat al-ladhina an’amta ‘alai-him – The path of those whom Thou hast favoured;
Ghair il-Maghdubi ‘alai-him wa la-d-dallin – Not (the path) of those who earn Thine anger nor of those who go astray.

There are so many benefits, virtues and merits of this Surah and every Muslim should recite this Surah as many times as they can in order to attain blessings and reward from Allah.

It is stated in Sahih Al Bukhari that Abu Sa’id Ar-Rafi’ bin Al-Mu`alla (radiAllahu anhu) reported: The Messenger of Allah (salAllahu alayhi wasalam) said, “Shall I teach you the greatest Surah in the Qur’an before you leave the mosque?” Then he (the prophet Muhammad salAllahu alayhi wasalam), took me by the hand, and when we were about to step out, I reminded him of his promise to teach me the greatest Surah in the Qur’an. He (the prophet Muhammad salAllahu alayhi wasalam) said, “It is `Alhamdu lillahi Rabbil Alamin (which is clearly Surat Al-Fatihah) which is As-Sab` Al-Mathani and the Great Qur’an which is given to me.”

Surah Al-Fatiha can also be known as “The Mother of the Qur’an” and can be a cure. For example, the prophet Muhammad salAllahu alayhi wasalam said, ‘The mother of the Qur’an are the seven oft repeated verses’ – Bukhari 4704

The Prophet Muhammad salAllahu alayhi wasalam said, ‘In the Fatiha of the Qur’an, there is a cure for all maladies (apart from death) (which can be known as illnesses) – [Darimi 3236, also narrated by Ad-Darmi in his Al-Masnad and Al-Bayhaqi in Shu’bul Imaan, Tafseer Mazhari 1:30]

Those who follow the madhab of Imam Abu Hanifah, we believe that when a person is performing salaah (known as prayer) alone then, it is wajib to recite Surah al-Fatiha. HOWEVER, when a person is praying behind the Imam then, Surah al-Fatiha should not be recited, regardless if the Imam is reciting quietly or loudly. The proof is available from the Qur’an and Sunnah which are as follows:

Allah the most powerful says in the Holy Qur’an in Surat-ul-A’raaf: 204 that “When the Qur’an is recited, listen to it.”