Mughal art -- that is to say, illuminations and miniatures from the Mughal era -- is known for its depiction of light-skinned individuals. In fact, modern Hinduistic art often depicts its subjects in lighter skintones than a Westerner usually has in his mind when the word "Indian" is mentioned (such as in this picture).

Moreover, with that knowledge, taking a look at the hairstyles and cut of the beards, I'd say there's a very high propability that it's Indian. I'm gunning for Mughal, around the time of Akbar, or perhaps Shah Jehan.

More than that, however, I can't say. Anyone else got any suggestions?