At least Victor Davis Hanson thinks so:

Make no apologies for the use of “Islamic fascism.” It is the perfect nomenclature for the agenda of radical Islam, for a variety of historical and scholarly reasons. That such usage also causes extreme embarrassment to both the Islamists themselves and their leftist “anti-fascist” appeasers in the West is just too bad.
First, the general idea of “fascism” – the creation of a centralized authoritarian state to enforce blanket obedience to a reactionary, all-encompassing ideology – fits well the aims of contemporary Islamism that openly demands implementation of sharia law and the return to a Pan-Islamic and theocratic caliphate.
In addition, Islamists, as is true of all fascists, privilege their own particular creed of true believers by harkening back to a lost, pristine past, in which the devout were once uncorrupted by modernism.
True, bin Laden’s mythical Volk doesn’t bath in the clear icy waters of the Rhine untouched by the filth of the Tiber; but rather they ride horses and slice the wind with their scimitars in service of a soon to be reborn majestic world of caliphs and mullahs. Osama bin Laden sashaying in his flowing robes is not all that different from the obese Herman Goering in reindeer horns plodding around his Karinhall castle with suspenders and alpine shorts.

(Link via little green football)