The whole inscription reads "la fata illa 'Ali La seyf illa dhu-l-feqqar 'Ali 'Ali".
It's in Arabic and translates roughly as "there is no youth except Ali, there is no sword except Dhu-l-feqqar, Ali, Ali". Dhu-l-feqqar was one of the swords of the prophet Muhammad which (I think) was later inherited by the Prophet's cousin Ali ibn Abi-Taleb.
It sounds like some kind of Shi'i battle cry. It's a variation on the traditional Muslim shehada; "la ilaha illa Allah". Which means "there is no god except God".
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