A simple 'hello' is fine. Muslims greet each other with 'As-salamu alaykum' (peace be upon you), and the reply is 'Wa alaykum as-salam' (and upon you peace). If you wish to use it, you are very welcome and it will be appreciated.
The fuller answer
The Quran tells Muslims to return a greeting with a better one or at least the same. The Prophet ﷺ said that spreading the greeting of peace is a way to increase love between people. There is no need for a non-Muslim to use Arabic phrases, and a warm greeting in your own language is just as good.
Some Muslims may not shake hands with the opposite sex. If you offer your hand and it is not taken, it is nothing personal. Placing a hand on your heart with a smile is a polite way to respond.
And when you are greeted with a greeting, greet [in return] with one better than it or [at least] return it [in a like manner]. Indeed, Allah is ever, over all things, an Accountant.
This answer follows the mainstream Sunni understanding and is general learning, not a fatwa. Where Muslims differ, the answer says so. Have a question of your own? Write to us.