In the UK: Yes, it probably would be labelled as hate speech. If someone was subject to violence and were called insults based on their Christianity the crime would be dealt with as a hate crime and the sentence would be more severe.

Also: The UK for years[1] had laws dealing with Blasphemy (a crime that could only be committed against the Christian church) and laws that dealt with racial prejudice. Since Islam is not christian, nor a race, muslims were left unprotected.

You may argue that Christians and jews should not have those protections. I hope you'd agree that it's iniquitous for one group to be left out of the protection of the law.

[1] This was changed in 2006 with the controversial Racial and Religious Hatred Act. Blasphemy was later repealed. (http://en.wikipedia.org/wiki/Racial_and_Religious_Hatred_Act...)