Kab yaad main tera saath nahin kab haath main tera haath nahin

Sad shukar ke apni raaton main ab hijr ki koi raat nahin

Sad shukar = eternal thankfullnes

hijr = separation

This ghazal of faiz depicts extreme euphoric condition of lover. As per sufi sect, devotee reaches the state of eternal bliss / nirvana, in which there is no sorrow, no pain and every thing is pleasent and heavenly.

Even if the beloved is not around, poet asks himself, when was beloved missing from memories (kab yaad mein tera sath nahin). When was lovers' hand not in hands of beloved. This is a matter of endless thankfull feeling that now onwards there will not be any night of separation.

Mushkil hain agar halaat (situation) wahan dil bech aaye jan de aaye

Dil walo koocha (courtyard) e janan main kia iase bhi halaat nahin

So what, if the situation is tough, we have sold our heart there and dedicated our life. in the courtyard of beloved, won't I deserve this much rights. Lover expresses blind faith and unwavering trust in beloved that the beloved will not let lover down whenever asked in difficult situation. This trust and faith is used to reach the nirvana or eternal bliss in sufi sect.

Jis dhaj se koi maqtal main gaya wo shaan salamat rehti hai

Ye jaan to aani jaani hai is jaan ki to koi baat nahin

Dhaj = decor / galore (must have heard "Saj Dhaj kar nikalna"

maqtal = execution platform / place where people go voluntarily to go to be killed/slaughtered or to be hanged for a purpose / place where myrters take pride in being executed

Poet says the kind of galore with which he went to sacrifice his life, this saved his grace. What is value of life, it anyway would have gone one day

Maidaan e wafa darbaar nahin yaa naam o nasab ki pooch kahan

Aashiq to kisi ka naam nahin kuch ishq kisi ki zaat (Caste) nahin

This is matter of love and not court of a king, where only famous people are treated with respect. Neither do lovers care for fame nor does love ask for caste or religion

Ye bazi ishq ki bazi hai jo chaho laga do dar kiasa

Gar jeet gye to kia kehna haare bhi to bazi maat nahi

This is the gamble of love, put your stakes what is there to fear. What a fun it would be if we win. We will not be loser,  even if we are defeated. Because ultimately we are losing to our beloved only. Such loss also has great victory in it.