taken from the book ISLAM: THE BASIC ARTICLES OF FAITH, According to the Beliefs of the Ahle Sunnah Wal Jammat- A Modern English Translation of Bahar-e-Shariat Part One

A Blessing for all Creation
While all other prophets were sent down for the guidance of a certain community or nation, Prophet Muhammad (peace and blessings be upon him) came down for the welfare and prosperity of all human races, jinn, angels, flora and fauna, mountains and minerals. Hence obedience is incumbent on all other creatures as it is on human being.
 
The Seal of the Prophets
Prophet Muhammad (peace ad blessings be upon him) is the ‘Khatimun Nabiyeen’, or the last in the series of prophets sent down by ALLAH the Almighty. With him ended the continuity of the hierarchy of prophets. No one, either in the period of Prophet Muhammad (peace and blessings be upon him) or afterwards, is to be regarded as a prophet. Those who believe in the conferment of the prophet hood on anyone other than Prophet Muhammad (peace and blessings be upon him) during his time or the time thereafter are amongst the disbelievers.
 
The Best of Creations
Prophet Muhammad (peace and blessings be upon him) is the most valuable creation of ALLAH the Almighty. He is a superb blend of all. The excellence and perfection bestowed upon other prophets. Besides, he has been endowed with certain very special qualities which had not been gifted to other prophets. As a Matter of fact all of the prophets got their special traits through the good offices of Prophet Muhammad (peace and blessings be upon him) himself. Prophet Muhammad (peace and blessings be upon him) was, due to the munificence of ALLAH the Almighty, superbly perfect in all respects. The perfection indeed, became perfection because of its being a quality of Prophet Muhammad (peace and blessing be upon him). The excellence in Prophet Muhammad (peace and blessings be upon him) is not subservient to any of his qualities. It is rather the qualities that were subservient to the Prophet and became excellent by becoming an ingredient of his sacred self.
 
The Excellence of Muhammad (peace and blessings be upon him)
It is totally impossible to be an equal to Prophet Muhammad (peace and blessings be upon him). Anyone who regards someone on a par with the Prophet in his qualities is a misguided person.
 
The Mi’raj
One of the most special distinctions that Prophet Muhammad (peace and blessings be upon him) enjoys is his experience of Mi’raj (ascent to Heaven). The ascent to Heaven consisted of a celestial journey, during which he physically traversed from ‘Masjid-e-Haram’ to ‘Masjid-e-Aqsa’ situated in the city of Jerusalem and from there he passed through the seven skies to reach the Arsh he entered into the holy proximity of ALLAH the Almighty where he held Holy Communion, with Him, a Prophet beheld with his own eyes the infinite glow of the Supreme Beauty and, unaided, heard the holy words of ALLAH the Almighty and from there viewed every particle in the sky and on the Earth.
The Intercessor
Another privilege that Prophet Muhammad (peace and blessings be upon him) has is his ‘Shafaa-te-Kubra’ i.e. the right to intercede on the Day of Judgement. No one will be spared by the Almighty unless the Prophet intercedes. In fact, all other Prophets will bring their cases for recommendation to Prophet Muhammad (peace and blessing be upon him) who will intercede on their behalf because none but Prophet Muhammad (peace be upon him) has the right to intercede in the Court of ALLAH the Almighty.
The Prophets intercession will be available to all and sundry, the believers and the disbelievers, the obedient and the disobedient on the Day of Judgement which will involve such a long and excruciating wait for the announcement of the final judgement that the assembled masses will even start longing for Hell so as to be free of the prolonged ordeal. At these trying hours, none but Prophet Muhammad (peace and blessings be upon him) will intervene to secure the emancipation of all including the disbelievers. Seeing this gesture on the part of the Prophet, all and sundry his critics and admirers, opponents and the supporter’s believers and the disbelievers will start singing in praise of him. It is this phenomenon that is called the ‘Maqam-e-Mahmood’ (the position of being praised).
There are several merciful features of the Prophets intercession. For example, he will intervene to seek salvation for many without scrutiny of their scrolls of good deeds. The number of such fortunate people is believed to be around four hundred and ninety million or more. The exact number is known only to ALLAH the Almighty and his most favourite Prophet. Then there will be the people on the verge of being sent to Hell after completion of the scrutiny of their accounts of deeds. The Prophet will intercede to save also. Then there will be the people already sent to Hell. The Prophet will intercede and they will be taken out of the Fire. Though the intercession of Prophet Muhammad (peace and blessings be upon him), the status of some people will be raised and there will be such people also whose sufferings will be mitigated by means of his recommendation. All the intercession either done by the Prophet himself or by someone authorised by the Prophet are acceptable. Any denial of the intercession by the Prophet is blasphemy.
The Conferment of such a high position of the intercessor of ALLAH the Almighty on Prophet Muhammad (peace and blessings be upon him) has been substantiated by many sayings of the Prophet himself. He says, ‘I have been accorded the status of an Intercessor of ALLAH the Almighty’
ALLAH the Almighty says:
 
…..O beloved, ask forgiveness for the sins of your near ones and for the general Muslim men and women…
47:19
 
O, Lord we too are dependant on the intercession of your Beloved (Prophet Muhammad). Accept our supplication and heed our prayer: O Lord! Favour us by virtue of the intercession of thy most beloved Prophet on the Day of Judgement.
 
The day when neither wealth nor sons shall avail.
But he who comes before Allah with a sound heart