In Hanafi reasoning the basmalah is Quranic but is not treated as a required opening verse belonging to every surah, including al-Fatihah. It is recited quietly before recitation.
Al-Shafi‘i regards it as a verse of al-Fatihah, giving its recitation a different role in completing al-Fatihah. The distinction influences both the definition of complete al-Fatihah and debates over reciting it aloud.