Lotfy,
I agree, the words are likely an ineligible writing, in suite with the primitive cartouche imitation. One would expect better quality writing on relatively nice steel pattern. Usually these blades have 4-5 rows, this one is a bit more complex than average.
Estcrh,
There's dark marble-like patina on top surface - yes, walrus ivory it is.
Again, one would expect better writing on a knife with some ivory, as it used to be expensive material. perhaps there's some beauty in such mix
Also, re-hilting could have been done in Central Asia. See similar
HERE