I would say that "muslim" refers to a person, "islamic" refers to something pertaining to Islam. An example would be "islamic" doctrine, or "islamic" thought. A muslim would follow islamic doctrine.
A muslim person would follow islamic law. But would it be less accurate to say a muslim person would follow muslim law? Or perhaps just less elegant?
I don't know, nor frankly am I all that concerned with getting it right. But it is intellectually interesting.