No, in my opinion you can draw a caricature of a Muslim without being a racist just as you are allowed to critizie Israeli policy without being called an anti-semite.

There are degrees to which such caricatures are bordering and sometimes crossing the racist line, yes, but such caricatures in general can not and should not automatically be called racist.  The one to decide this, on the individual level, is each and every person.  On the collective, or societal, level this is up to the courts to decide within the respective countries.  

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