Some Egyptian friends I met in college told me this was originally sung in French. It may have started as folk-pop and then passed into the oral tradition, with variants. The first verse and chorus went more or less like this:

Si par hasard vous vous trouvez
Sur l'isle de la Trinite'
Vous serez surprise d'y trouvez
Ce'que'l'on fait la-bas pour s'amusez

CHORUS: On parle du temps qu'il fera
Au pied d'un quinquina
Tout en buvant chaque fois
Rhum, rhum, rhum, et Coca-Cola.

If by chance you find yourself / on the island of Trinidad / You'll be surprised there to find / what one does down there for amusement. CHORUS: One talks of what the weather will be / In the shade of a quinchona (?) tree / All the while drinking [freely] / rum, rum, rum and Coca-Cola.

"Ce que l'on fait" is run together, sounds sort of like "sklone fay".