Yes I had realized it was upside down.
I would be amazed if it was Bosnian, but I am prepared to be amazed if anyone can come up with a reading.
Could be talismanic, but you should still be able to read it or at least recognize what it is meant to be.
For sure it is bad hand-writing. Many artisans were illiterate, especially in the provinces. My suggestion is that this was copied from a text by an artisan who did not know what he was copying - there might just conceivably be the word الله or بالله („God“or „through God“) in there, though that is a long shot. Inscriptions on this type tend to be formulaic and the same ones come up again and again - someone may at some point recognize what text this was supposed to be, but at the moment it escapes me
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