This chant is a reminder of the battle of Khaybar in 629 A.D., when Mohammed defeated the Jews and established the prototype for non-Muslim dhimmitude, including the payment of the jizya.
Whenever Muslims get hot under the collar about Jews — which is fairly often — they chant about Khaybar. The organizers of the first Gaza Flotilla chanted it. You could hear it in in Copenhagen two years ago.
Here’s a new cover of the Khaybar chant, along with many other Islamic golden oldies, as performed at a Hamas rally in Gaza. Many thanks to Vlad Tepes for uploading this video: