| Answer:  
    I will answer both  parts of your question by quoting relevant 
    portions of Islāhī’s exegesis of this verse:
     
    
    An important question which arises regarding this verse is its real place in 
    the Qur’ān. This question arises because of the fact that though it is 
    written in the beginning of every sūrah (except Sūrah Tawbah) as an 
    independent verse, yet apparently in none of the sūrahs except Sūrah Naml is 
    it included in the text of the sūrah. For this very reason, there is a 
    difference of opinions among scholars on whether it is part of some 
    particular sūrah or whether it is written on top of every sūrah merely to 
    invoke the blessings of the Almighty. The opinion of the readers (Qurrā’) 
    and jurists of Madīnah, Basrah and Damascus is that it is not part of any 
    sūrah including Sūrah Fātihah and it is merely a means to obtain the 
    blessings of Allah and serves to separate the various sūrahs of the Qur’ān. 
    As such it differentiates between various sūrahs of the Qur’ān and a reciter 
    earns the favours and blessings of Allah by reading it before reciting a 
    particular sūrah. Imam Abū Hanīfah also holds this view. 
    
    On the other hand, the Makkan and Kufan jurists believe that it is part of 
    every sūrah of the Qur’ān including Sūrah Fātihah. Imam Shāfi‘ī also 
    subscribes to this view. 
    
    In the opinion of my mentor, Imam Farāhī, this verse is part of Sūrah 
    Fātihah and a preamble of the other sūrahs of the Qur’ān. As for myself, I 
    prefer the view of the Madinan reciters. The reason for my preference is 
    that it is the Prophet (sws) himself who has arranged the Qur’ān in the 
    light of the guidance provided by the Almighty. As such, this verse has also 
    been divinely placed. In the arranged sequence of the Qur’ān, no difference 
    has been made in writing this verse whether it is the case of Sūrah Fātihah 
    or any other sūrah. In every case, it stands out from each sūrah as an 
    independent verse. 
    
    Even though this verse may not be part of the Qur’ānic sūrahs, yet reading 
    it before reciting the Qur’ān has special significance. While pointing this 
    out, Islāhī writes:  
    
    Firstly, when a person says  بسم الله الرحمن الرحيم
    before reciting the Qur’ān, he actually obeys the directive revealed 
    in the first Wahī in the words: ‘Read in the name of your Lord’, (96:1). 
    
    Secondly, these blessed words remind man of the reality that the greatest 
    favour of the Almighty on human beings is that He has blessed them with the 
    faculty of speech because of which they became the recipients of this Book. 
    The attribute Rahmān mentioned in the verse alludes to this fact. At another 
    place in the Qur’ān, it is specified that it is this attribute of the 
    Almighty which made Him create man, grant him the ability to speak and as a 
    result taught him the Qur’ān: ‘It is the Most Gracious who has taught the 
    Quran [because] He created man and taught him speech [so that he can receive 
    guidance from this Blessed Message],’ (55:1-4). 
    
    Thirdly, this verse testifies to the veracity of a prediction that was made 
    about the Prophet Muhammad (sws) found in previous scriptures. According to 
    this prediction, he would teach and instruct people in the name of Allah: 
    
      
      I will raise up for them a prophet like you from among their brothers; I 
      will put My words in his mouth, and he will tell them everything I command 
      him. If anyone does not listen to My words that the prophet speaks in My 
      name, I myself will call him to account. (Deuteronomy 18:18) 
     
    
    Fourthly, just as the Qur’ān is the manifestation of the attribute Rahmān of 
    the Almighty, it is this very attribute which helps a person in 
    understanding it. Difficult verses and passages unfold their meaning to a 
    reciter if he seeks help from this attribute. Also, he would be protected 
    through these words from the incursions of Satan while deciphering the 
    meanings of its verse and be shielded from various evil suggestions of his 
    own soul. 
      
      
      
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