I've been reading a book on pagan mythology and modern day religions. Not a single book said anything about Islam borrowing pagan beliefs. However, most of the books criticize one aspect of Islam which makes it far from being a perfect religion: The fact that Muhammad (PBUH) did not announce his successor, which caused 'the bloodiest of battles in history'. The book goes on to say that there are no perfect religions, as Islam's golden ages were over when the Shi'a and Sunni started warring each other back to the dark ages. Other factors of the decline of the Islamic golden age were:
1) Crusades
2) Mongol conquests