The Opening Chapter
الفَاتِحَة
With (the one whose)name (is) Allah*, the Merciful, the Compassionate
بِسْمِ اللهِ الرَّحْمٰنِ الرَّحِيْمِ
Ayat 1: All praise is for Allah, the Lord* of the worlds**.
ٱلْحَمْدُ لِلَّهِ رَبِّ ٱلْعَـٰلَمِينَ1
*Rabb means the Lord or Master (12: 42) or the one who cares like an affectionate parent (17: 24).
**Alam in Arabic means the world or universe. Since the universe is constantly changing from one state to another, Allah has used an all-encompassing term of Al Alameen, which encompasses every existing moment or state of the universe.
Ayat 2: (He is) the Merciful, the Compassionate*.
ٱلرَّحْمَـٰنِ ٱلرَّحِيمِ2
*As mentioned under 1: 1, God was recognized by multiple names including Al-Rahman, Rabb and Allah. This verse is stating that these are the names of the same entity and are not different deities.
Ayat 3: Owner of the time* of Judgement.
مَـٰلِكِ يَوْمِ ٱلدِّينِ3
*Yum is generally translated as ‘day’, but it really means a timespan (see 22: 47, 32: 5 and 70: 4). While we have been given the freedom of choice in this life, it will be terminated at the time of judgement and all control will revert to Allah who will be the absolute Master and His judgement will be ultimate and unchallengeable.
Ayat 4: (Our Lord, it is ) You we serve*, and You we ask for help
إِيَّاكَ نَعْبُدُ وَإِيَّاكَ نَسْتَعِينُ4
*Abd means a servant or subject who serves the will of his master. A true believer serves the will of his Lord and does not serve any other master nor lets his own will or desires get in his way of serving the Lord.