Recitation of Surat Al-Fatihah is one of the most important pillars of prayer, without which the prayer cannot be valid

I praise Allah with all His attributes, actions, and His apparent and hidden blessings, along with love and glorification for Him. He is the Lord, the Creator, the Owner, the Manager [of affairs] and Bestower [of grace]. Al-Alameen (the worlds) refers to everything that is other than Allah the Exalted from humanity, the jinn, angels, animals, and so on.

These are the two names from the names of Allah. Ar-Rahman refers to the Possessor of Al-Encompassing Mercy. Ar-Rahim refers to His Mercy over His believing servants.

Meaning: The Owner, the Manager of the Day of Recompense and Reckoning. This meaning is an implicit reminder for Muslims about the Last Day and an appeal to do good deeds.

We worship You alone, our Lord, and we do not associate others with You in any form of worship. We ask for help from You alone in all our affairs. All affairs are in Your Hand, and no one possesses even an atom’s weight of it.

Guide, instruct, aid, and strengthen us toward the Straight Path until we meet You. "The Straight Path" is the religion of Islam, clear in message, and links to the pleasure of Allah and His Paradise. It is the Path that the Seal of Prophets and Messengers, Muhammad ﷺ instructed us to follow. There is no true path to a servant's happiness except to remain firm upon it.

i.e., the path of those You bestowed with guidance and steadfastness from the Prophets and the righteous. They are the ones who knew the truth and followed it. And keep us far away and save us from the path of those whom You were angry and displeased with because they knew the truth and did not act upon it. And keep us far from the way of the misguided: those who did not attain guidance to the truth due to ignorance.