The multicultural, politically correct chant of "No to Islamophobia" is, in my opinion, spearheaded largely by two groups. The first group is the somewhat conscious representatives of the Scimitar that know just enough to use the victim card to their advantage. The second group is comprised of westerners who sense that by invoking islamophobia they will successfully curtail repercussions for the 9,000 violent acts done in the name of Islam since 9/11.
The former is, thus, using the hue and cry of "No to Islamophobia" as a way to advance the Scimitar in the West. The latter is using it as a rather lame way of appeasement until they can figure something out that won't hurt political careerism. (A third group of westerners merely see any one who sees a threat by the Scimitar as a blockheaded, redneck anti-immigration stance by backward right-wingers. These iPod street-dancing, messenger-bag carriers get their knowledge of history and current events off Starbucks cups or from their stylists.)
Robert Spencer lays it out well here.