This is another one of those silly PeeCee expressions liberals love to use to obfuscate issues and slander their opponents. A phobia is an irrational fear. There is nothing phobic about opposition to radical or militant Islam. To fear it is entirely rational. Militant Islam and Islam are presumably distinct. I could be wrong, but I doubt that Islam as such is the problem. But militant or radical Islam — sometimes called Islamism — most assuredly is a threat to the West and its values. Still, someone (Robert Spencer?) who thinks that Islam as such is the problem cannot be accused of suffering from any phobia. So when I heard the liberal Karen Armstrong use 'Islamophobia' or a cognate during a C-Span presentation, my estimation of her dropped several notches lower.
Someone who uses such words as 'homophobe' or 'Islamophobe' may as well just put a sign on his back declaring: I'm a dumbass PeeCee liberal!