Rune quiz - part two

You should complete the first quiz before trying this one.

Here we have my rendering of the rest of the runic inscription from quiz 1. It is carved on both sides of an amulette about 5cm x 5cm in size.

This is a more open ended assignment. We have already translated the last sentence but now the question is: can we understand any more?

What's up with the first runes of the inscription? Are those bind-runes? If so what letters do they conceal? Are they, perhaps, normal runes with ornamental additions? Perhaps linguistically meaningless and purely ornamental or magical?
Setting the first runes aside can you transliterate the inscription?
Can you make out any words you know? Names? Maybe some sentence fragments?
Who is the 'him' in "Gods are under him and over him"? Is 'he' named in the inscription? Is it the wearer of the amulette? Its carver?
Is the amulette magical or religious? Was it worn by a heathen or a christian? Can you guess when it was made?
What's with the fish? Is it a hint to the contents of the inscription?

Be aware that this is a difficult inscription that has caused the experts much trouble. There will probably never be a consensus on its meaning.

If the picture above fails to appear you might be using Netscape 4. It seems to be unable to view png-files. You can use another browser or you can save the picture and use some other program to view it.