It's actually just the SIL font license, which is what basically every open source font uses. They just removed the preamble of it for some reason.
Kinda too bad they don't just state which license they're aiming for.
Was it really necessary to replace "Original or Modified Versions" with "The Original Version or Modified Version", or "Reserved Font Name(s)" with "Reserved Typeface Name"? So necessary that you're willing to sacrifice potential reuse?
If they want the OFL, then use the OFL. Don't make me try to understand yet another licence; I'm not a lawyer.