Nope. Robert Spencer of Jihad Watch fame explained that.
From Robert Spencer on Muslim Beliefs and Sources of Extremism
The Catechism, working from Vatican II's "Nostra Aetate," does say that, "the plan of salvation also includes those who acknowledge the Creator, in the first place among whom are the Muslims. These profess to hold the faith of Abraham, and together with us adore one Merciful God, mankind's judge in the last day."
This is a carefully worded statement. It does not actually say that Muslims believe in Abraham's faith, but only that they profess to hold the faith of Abraham.
Professing and possessing are two different things: Certainly there are many more Christians who profess Christ than there are people who actually live for him. Nowhere does the Catechism say that Muslims are not eligible for the salvation that is in Christ, or that the Gospel should not be preached to them.
I was infuriated when I first read that. After reflecting upon a lot of discussion in the blogosphere and reporting in good Catholic newspapers, I realized that the Pope is correct. If you and I both know a man, and we have vastly different understandings of him, does this mean that we know two different people? Of course not. One of us is likely to be misinterpreting a lot. I believe that to be the case of the Muslims. They worship the God of Abraham, but due to the prophet they follow, well ... they're doing it wrong. This is similar to Paul's 'unknown god' preaching.
As I said there is a lot of muddled thinking in the church post V2.
In particular the Vatican bureaucracy seems to have more than its fair share of infestation from the enemy.