You are the best nation produced [as an example] for mankind. You (3:110)

﴿كُنتُمْ خَيْرَ أُمَّةٍ أُخْرِجَتْ لِلنَّاسِ تَأْمُرُونَ بِالْمَعْرُوفِ وَتَنْهَوْنَ عَنِ الْمُنكَرِ وَتُؤْمِنُونَ بِاللَّهِ ۗ وَلَوْ آمَنَ أَهْلُ الْكِتَابِ لَكَانَ خَيْرًا لَّهُم ۚ مِّنْهُمُ الْمُؤْمِنُونَ وَأَكْثَرُهُمُ الْفَاسِقُونَ﴾
[ آل عمران: 110]

3:110 You are the best nation produced [as an example] for mankind. You enjoin what is right and forbid what is wrong and believe in Allah. If only the People of the Scripture had believed, it would have been better for them. Among them are believers, but most of them are defiantly disobedient.

You are, O Community of Muhammad ( peace be upon him ), the best of all communities that Allah has produced for humanity – in your faith and actions – and the most beneficial for other people: instructing what is right according to the sacred law and what you know to be right, and forbidding what is wrong according to the sacred law and what you know to be wrong; and having certain faith in Allah, so that it shows in your actions.
If the People of the Scripture, the Jews and the Christians, had faith in Muhammad it would be better for them in this world and in the Afterlife.
Only few of the People of the Scripture believe in what Muhammad ( peace be upon him ) came with and most of them do not stay within the sacred way of life and sacred law of Allah.

You [true believers in Islamic Monotheism, and real followers of Prophet Muhammad SAW and his Sunnah (legal ways, etc.)] are the best of peoples ever raised up for mankind; you enjoin Al-Ma'ruf (i.e. Islamic Monotheism and all that Islam has ordained) and forbid Al-Munkar (polytheism, disbelief and all that Islam has forbidden), and you believe in Allah. And had the people of the Scripture (Jews and Christians) believed, it would have been better for them; among them are some who have faith, but most of them are Al-Fasiqun (disobedient to Allah - and rebellious against Allah's Command).

phonetic Transliteration

Kuntum khayra ommatin okhrijat lilnnasi tamuroona bialmaAAroofi watanhawna AAani almunkari watuminoona biAllahi walaw amana ahlu alkitabi lakana khayran lahum minhumu almuminoona waaktharuhumu alfasiqoona

Abdullah Yusuf Ali - Translation

Ye are the best of peoples, evolved for mankind, enjoining what is right, forbidding what is wrong, and believing in Allah. If only the People of the Book had faith, it were best for them: among them are some who have faith, but most of them are perverted transgressors.

Safi-ur-Rahman al-Mubarakpuri

You are the best of peoples ever raised up for mankind; you enjoin Al-Ma`ruf (all that Islam has ordained) and forbid Al-Munkar (all that Islam has forbidden), and you believe in Allah. And had the People of the Scripture (Jews and Christians) believed, it would have been better for them; among them are some who have faith, but most of them are Fasiqun (rebellious).

Page 64 English transliteration