The Arabic word hamd is used both for praise and for gratitude and both the meanings are implied here. When Allah alone is the Owner of the whole universe and of everything in it, then inevitably He alone deserves to be praised for every beauty, perfection, wisdom, power and excellent skill and design shown and manifested by it. Therefore, every inhabitant of the world must thank Allah alone for any benefit and pleasure that he draws from anything here. For when no one else is a partner in the ownership of these things, no one else deserves to be praised or thanked.
That is, "Just as every blessing in this world is granted by Allah alone, so in the Hereafter also whatever a person will get, he will get from His treasures and by His grace. Therefore, in the Hereafter too, Allah alone deserves to be praised as well as thanked. "
That is, "All His works are based on perfect wisdom and knowledge. Whatever He does, He does right. He has full knowledge about every creation of His as to where it is, in what state it is, what are its requirements, what precisely needs to be done for its well-being, what it has done so far and what it will do in the future. He is not unaware of the world created by Himself, but is fully aware of the condition and state of every particle in it. "
That is, "If a person (or persons) is not being seized in spite of rebellion against Him in His Kingdom, it is not because this world is a lawless kingdom and Allah is ruler, but because Allah is an inept All-Merciful and All-Forbearing, Although it lies in His power to seize the sinner and the wrongdoer immediately on the commission of sin, to withhold his sustenance, to paralyze his body, and to put rum to death suddenly, yet He does not do so. It is the demand of His Beneficence that" in spite of being All-Powerful He gives the disobedient servant plenty of rope and enough respite to mend his ways and as soon as he desists from his evil ways, He pardons and forgives him. "