"[All] praise (al-Hamd)"
Its positioning as regards what precedes it:
Since "the Most Merciful (al-Rahmân)" and "the All-Compassionate (al-Rahim)" indicate the [divine] bounties and favours, they necessitate praise. Furthermore, "All praise be to Allâh (al-hamduli'llâh)" is repeated in four suras in the Qur'an,1 each repetition referring to one of the principal bounties, which are the first creation and the continuation of it, and the last creation and its ensuing continuation. Its positioning here:
[" All praise be to Allâh (al-hamduli'llâh)"] being put at the opening of the Fatiha of the Qur'an is like putting the conception of the Qur'an's ultimate purpose in the forefront of the brain. For praise is a concise form of worship, which is the result of creation, and of knowledge of Allâh, which is the purpose and aim of the universe. So to mention praise is to conceive of the Qur'an's ultimate purpose. Indeed, Allâh (May He be exalted and glorified) says: " I created not the jinn and men except that they might worship ."(51:57)
Furthermore, there is the well-known meaning of praise: the display of the attributes of perfection.
1Sura 108, Sûrat al-Kawthar, one of the shortest of the Qur'an's suras.