No it doesn't. In Sunni Islam they have Hadith, which is Tradition and considered authoritative. The Shiites regard the Imams as authoritative, and although the last one is "hidden", they do have a clerical hierarchy.
"In Islam there’s no church as an institution as such, there’s no clergy. Islam doesn’t accept the notion that a particular group of people can claim for themselves to be representatives of God on earth. The entire human race is regarded, in a sense, as representatives of God on earth."