Sheikh `Abd al-`Azîz b. Bâz
The funeral prayer contains four takbîrs. It is performed while standing.
After the first takbîr, we read Sûrah al-Fâtihah.
After the second takbîr, we read the salutation on the Prophet, preferably just as we do in prayer after reciting the tashahhud.
After the third takbîr we read a supplication (du`â’) for the deceased. We say:
Allâhumma-ghfir li-hayyinâ wa mayyitinâ wa shâhidinâ wa ghâ’ibinâ wa dhakarinâ wa unthânâ. Innaka ta`lamu mutaqallibanâ wa mathwânâ. Allâhumma, man ahyaytahu minnâ fa-ahyihi `alal-Islâm, wa man tawaffaytahu fa-tawaffahu `alal-îmân.
Allâhumma, la tahrimnâ ajrahu wa la taftinnâ ba`dahu waghfir lanâ wa lahu!
This can be translated as:
O Allah! Forgive those of us who are living and those of us who are deceased, thise who are present and those who are absent, the male and female among us. You know our circumstances and our destinies. O Allah! Whoever among us You allow to remain alive, let them live as Muslims, and whoever among us You take up, take them up in a state of belief.
O Allah! Do not forbid us his [her/their] reward and do not try us after him [her/them]. Forgive us and forgive him [her/them]!
Then we perform the fourth and last takbîr and offer one taslîm to the right side.
Source: Islam Today