Falak in the myth of Bahamut is a powerful serpent that lives under the Realm of Fire. It is said that this serpent is so great it would swallow all creation but for fear of Allah's immeasurably greater power.
According to Islam, to describe Falak as omnipotent is wrong as either it is imaginary or the term is one which the religious should apply only to their god.
Naming children 'Falak'
Falak also means the sky...the infinite power and is used in such Muslim names as Falaknaz, Falakjehan, Falak-an-nisa or simply Falak. Falak as a name connects with this serpent and persons having such names are held to possess such related qualities either constructive or destructive.
Origin
It is clear that Falak is related to the Norse Jormungand which denote common proto-Aryan roots.