So we know what the runes translate to in Puella Magi Madoka Magica. Since the runes appear all over the place like on walls and when a witch appears, the Puella Magi must be aware of the runes, which are also on their rings as their names (see the images which show their rings).
I am wondering, in-universe, what are the runes? Are they magical, thus making up a runic magic system? Are they the native language of the Incubators? Or are they something else entirely?