I have no idea, one would need to be:
1. Knower of Arabic and its various decorative styles
2. Be able to see the whole ring.
Bottom line is I do not trust “debunkers” who are leftists such as the Ask.com debunker cited above.
Given the closeup photo, it’s not text in any language. The attempts to glean some Arabic characters from that are obviously stretches based on digital artifacts of low-res photos.
Whether the design is symbolic for some faith, well, that’s a question worth investigating.
Someone unfamiliar with the Christian “cross” design may overlook significance imbued upon two overlapping sticks in that form, or moreso three nails similarly arranged. As the Obama has worn that ring - and only _that_ ring - since before he was married, it obviously has some deep significance to him beyond a few gold squiggles & lines.