In Islam, the Bible is held to reflect true unfolding revelation from God; but revelation which had become corrupted or distorted in its handing down (in Arabic: tahrif); which necessitated the giving of the Qur'an to Muhammed, to correct this deviation.
Specifically, the Qur'an identifies books known as the Tawrat given to Musa (Moses), the Zabur given to Daud (David), and the Injil given to Isa (Jesus) as genuine divine revelations taken from the same Guarded Tablets as the Qur'an itself and brought by true messengers to the Jews and the followers of Abraham. Together with the Qur'an itself, and the now unknown Suhuf Ibrahim ("Scrolls of Abraham"), these make up the kitab, the Islamic holy books. Belief in the divine inspiration of all of these books is one of the fundamental tenets of Islam. However, Islam holds that since all the Books prior to the Quran have been corrupted by human hands, Muslims are to only to get their guidance from the Quran and the authentic teachings of the Prophet Muhammad.
Certain passages in the Bible have been interpreted by some Islamic scholars as prophetic references to Muhammad,  such as Deuteronomy 18:15-22.
Mention of Parakleitos (English translation commonly "Comforter") in John 14:16, 15:26, 16:7 and John 18:36 have been taken to be prophetic references to Muhammad. Christian scholars, on the other hand, tend to interpret Parakleitos as the Holy Spirit. 
Similarly, the Spirit of truth mentioned in John 16:12-14 has been interpreted as a prophetic reference to Muhammad.