I'm convinced it is indeed a coin of Mughal emperor Akbar; his coins are a better match stylistically than any of the other possibilities. Check out
these zeno.ru pages for some similar coins. Akbar reigned from 1556 to 1605 AD, so not all his coins are going to be listed in the 1600's Krause.
In the 30th year of his reign (= 992 AH / 1584 AD) he began to issue a new style of coin, especially for use in his non-Muslim territories, removing the kalima and replacing the AH date with a regnal year date. This coin has the kalima, so logically it's supposed to have the AH date on it somewhere.
At the bottom of the reverse are some figures that does indeed look like Arabic "03", and it might be part of the date. "903" is way too early for a coin of this style, so it would be "1003" (= 1594/5 AD).
Mughal coins of the period followed the Persian tradition of putting poetry on the reverse. The mention of Abu Bakr, Osman and Ali are presumably a poetic reference to the founding caliphs, and Akbar is hoping he will live up to their standards. Other coins of Akbar show the names of the four caliphs on the obverse, around the kalima.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis