No, the Muslims discount if not reject inspired scripture and replace it with non-biblical and non-scriptural writings which contradict the clear teaching of scripture. The Muslims, catholics and mormons all accept non-biblical texts and traditions to support their distinctive and non-scriptural practices and beliefs.
Try again.
The similarity with Islam is in the beleive that all things necessary for salvation are contained in a certain sacred text. The said text is, of course different for the Protestants and for the Muslim, but the faulty principle is shared.