I like it, visually (I cannot judge on Arabic writing).
Maybe you could leave a bit less white space inside the circle.
Also, I see that it would be an interesting challenge to modify it so it could be read as m or mh (or hm) too (maybe rotating it).

well actually its an m with Arabic calligraphy style and i was thinking to make it m+h but till now i couldn't get any pleasing results

Hmm, I’m afraid it doesn’t read well as m: connections between stems should be on the upper side.

fixed that and tried to make it looks like an m+h

I don't mean this as a provocation, but: it looks more Hebrew than anything.

BTW, why not have a slightly more explicit hint of Arabic in there?
Make only the leftmost stem of the "m" descend, making it like a "meem"!

hhp

i think they look like a meem and m