Oh, it's both Islamaphobic and pretty racist (all brown people are obviously the same, right?) but it just comes off as such in a "Teenagers are such assholes" rather than a "There's seriously a group of neighbors pricing out Templar gear on eBay right now, you may want to run for your life" way.
Which isn't to say that it isn't criminal, terrible, or potentially dangerous, just that it is less dangerous.