Police say the stabbing of a man outside a shopping precinct in Melbourne‘s northwest was not terrorism related after the alleged attacker was heard yelling “Allahu Akbar”.

A 44-year-old man was stabbed in the neck and chest by a 55-year-old man on Homer St in Moonee Ponds at about 4.35pm on Monday.

WATCH THE VIDEO ABOVE: Melbourne stabbing attack

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It is believed the two men initially got into an argument, which then escalated when the alleged offender pulled out a knife.

The victim managed to detain his alleged attacker with the help of a passersby and security from the nearby shopping precinct.

The alleged stabber was arrested by police while the victim was taken to the Royal Melbourne Hospital in a stable condition.

In videos obtained by 7NEWS, the alleged offender can be heard repeatedly yelling “Allahu Akbar”, an Arabic phrase which means God is greater.

Acting Inspector Raj Tillekeratne said the phrase was used after he was taken into custody, not during the attack.

The incident is believed to be entirely random and not terror related, he said.

“As part of our normal enquiries we have contacted the counterterrorism command and we have nothing to indicate that this is either religiously or politically motivated,” Tillekeratne said.

Man charged over attack

The man, from Fitzroy, has since been charged with intentionally / recklessly causing serious injury and assault with a weapon.

He has been remanded to appear at Melbourne Magistrates Court on Tuesday.

Tillekeratne said the man has “significant” mental health priors and has been involved in minor offending in the past.

“Obviously he was agitated, so I reckon his mental health would have played a big part, but I just want to reassure the community that we believe this is random and isolated,” Tillekeratne said.

The victim remains in hospital with Tillekeratne saying he was very lucky.

“It could have easily been worse than what really occurred,” he said.

Police will increase patrols in the area in an effort to reassure the community of their ongoing safety.