I will use TS's definition of Islamophobia as “an extreme or irrational fear of or aversion to Muslims.” In that case, I have at least 2 problems with M-103.

If the phobia is irrational, it is a disability that should be treated, not simply banned.

If it does not lead to action - i.e. an Islamophobic act - then you are criminalizing a state of mind.  Or, to use a term from 1984, Islamophobia becomes a thoughtcrime.