Bhikhu Parekh has argued in the Daily Times that, no, it isn't:
Muslims are convinced of the absolute superiority of Islam, which is reflected in the constant invocation and desperate desire to revive past glory, as well as a positive duty to convert followers of other religions. They may marry non-Muslims, but do not allow others to marry their women, and expect those marrying within Islam to convert to it. This cannot be attributed to the current widespread feeling among Muslims that their identity is under threat. Even in the self-confident Ottoman Empire, where Jews and Christians enjoyed considerable tolerance, followers of these religions were second-class citizens. While free to convert to Islam, they were forbidden to convert Muslims or marry their women.
According to Parekh, Muslims tend to welcome multiculturalism when it provides them with equal rights in a society where they are the minority, but resent the fact that other beliefs which they find anathema are also given equal rights and a similar social status. If at all valid, this argument suggests that nations with a growing Muslim population are in for tough times ahead - and that Muslim leaders probably need to work on this to keep this conflict from occurring.