Since a phobia is described as an irrational fear, Islamaphobia becomes an oxymoron.
Need proof? The following are some reasons for a rational fear of Islam and its Muslim followers. I use the word "some" because for the sake of brevity, I could have listed many more. Keep in mind that the following were all perpetrated by Muslims:
The shoe bomber
The Beltay shooters
The underwear bomber
The USS Cole bombers
The Madrid Train Bombers
The Bali Nightclub bombers
The London Subway bombers
The Moscow Theater Attackers
The Boston Marathon Bombers
Pan Am 93
The Iranian Embassy takeover
The Israeli Olympic Team massacre
The Kober Towers bombers
Embassy Attack in Benghazi
The Beirut Marine Barracks massacre
The 1st World Trade Center Bombing
The 2nd World Trade Center Attack on 911
Tha Achille Lauro Hijack
The Peshawary Schoolchildren massacre
If that doesn't prove that it is perfectly rational to fear Muslims, nothing will. However, that doesn't mean that one should run cowering when encountering a Muslim. Quite the opposite should be the case.