A piece of calligraphic embroidery, origin unknown

Source: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=20117&item=2249373164&rd=1&tc=photo
(downloaded June 2004)

"Very old hand embroidered Tapestry or Wall Hanging. Measures about 54 inches square. Antique very fine wool felt in red, cream, olive, dark blue panels/pieces all handstitched together, and covered with chain stitch hand embroidery. Beautiful medalian Arabic Islamic design with writing in blue cartouches."