Bismillaahir Rahmaanir Raheem 

Wal' asr 

Innal insaana lafee khusr

Il lal lazeena aamanu wa 'amilus saali haati wa tawa saw bil haqqi wa tawa saw bis sabr

In the Name of Allah , Most Kind, Most Merciful.

By the time,

Man is definitely in loss,

Except those who have faith and do right actions, and urge each other to the truth, and urge each other to patience.

This surah affirms that each human being is in a state of loss , except those who engage themselves in four activities: 

The first is holding or keeping the faith in Allah- Imaan.

The second is doing good actions.

The third and fourth is advising one another to follow the truth and to remain patient against all odds.

This surah was revealed in Makkah and takes its title from the first word of the first aayah. This surah presents a complete reality of life and history. It is related that every time two of the Prophet's companions met, they would not leave each other until one of them recited this surah and greeted his fellow with the greeting of peace , that is as-Salaam.

One scholar used to say that he understood the meaning of 'wal asri innal insaana lafee khusr' when he heard an ice-seller in the marketplace calling out, 'Have mercy on a man whose wealth is melting away ! ' meaning please buy my ice before it melts away, or I will lose it and have no money with which to feed myself and my family.

Our lives are like blocks of ice; they are passing away with each second, never to return! We will be losers if we don't make the best use of our time by doing good things, which will be rewarded in the hereafter.

Reference: Islamic Studies Book, Darrusalam Publication and Yusuf Ali Translations.