The first question is: what is fantasy?
I take fantasy in one direction to be a fundamentally British, Christian genre, with strong themes of charity, humility, service, good vs evil etc. This branch of fantasy was created by brother Inklings Tolkien and Lewis. There is a veritable cornucopia of derivative fantasy spilling from this horn of plenty, all following a similar model from The Sword of Shannara on. Le Guin's Earthsea work, though American, is a major juncture in this stream, a conscious rebellion against whiteness and Christianity in fictional form (though it took her till Tehanu to take on the patriarchy).
The other great stream is American, coming of course from Howard, Leiber, Lovecraft and Ashton Smith. This is a more picaresque and amoral take on pre-modern tropes. Arguably, this is also the foundation of classic FRP. Moorcock, though British, belongs to this stream.
Overwhelmingly, these are Anglo genres. One major stream portrays the people of the South/East as dark-skinned, inscrutable, cruel demon-worshippers. The Calormenes and the men of Harad are cut from the same cloth (that would be the tattered remnants of the British Empire).
The American stream is a little more ambiguous. Howard and Leiber portray their Eastern decadents with more love, yet still with the air of foreigners in alien worlds. It is the Orientalism of Byron rather than Kipling. Still the East/South is the exotic Other to be conquered and colonised. At this point we can recognise Oriental Adventures and Legend of the Five Rings as firmly in the American stream. We colonise and consume the mystic Orient, enjoying its opium and hookers.
With the major streams in fantasy so dominated by Anglo-Saxon tropes and themes, how can anybody wonder that examples of fantasy from a Muslim perspective are wanting? Muslims are supremely Othered at this point in time, whether within our cultures or living in foreign lands. No self-respecting intelligent Muslim is going to write within a tradition that casts them in the role of the Eastern Others (Le Guin's anthropologising notwithstanding). And it's an unusual Muslim that has the cultural background in any case.
There's also the issue of market penetration. Most Muslim countries have English as a second language at best, so while blockbusters like LotR may get translated, they won't get the same mass of popular fantasy. Overwhelmingly, the readers of this stuff are the globalised middle- to upper-class, more or less fluent in English; thus a tiny fraction of the population. This class, also the class that writes, is consumed with matters of national identity and post-colonialism. At least, those are the ones that get published in English.
That's my reading on the cultural and political obstacles to seeing any significant contributions to the fantasy genre from a Muslim. I think the best chance is from a Western convert who has a pre-existing love of the genre, and the desire to write a Great Muslim Fantasy Novel.