When Islam proclaims it is the only true religion, where can the question of it respecting other religions arise? A case in point are the following verses from the Quran:
[Say: We believe in God, and in what has been revealed to us and what was revealed to Abraham, Ishmael, Isaac, Jacob, and the Tribes, and in (the Books) given to Moses, Jesus, and the Prophets from their Lord: We make no distinction between one and another.] (Aal `Imran 3:84)
This verse does not talk about respecting other religions. It talks of respecting the same religion that was revealed by Allah prior to Mohammad.
[Let there be no compulsion in religion, truth stands out clear from error.] (Al-Baqarah 2:256)
The spirit of this oft quoted verse is that, we have got the truth, the other religions are all erroneous, let us not compel them of erroneous religions to our truthful religion, let those who wish to follow other religions go to hell.
[The same religion has He established for you as that which He enjoined on Noah--which We have sent by inspiration to thee (O Muhammad)--and that which We enjoined on Abraham, Moses, and Jesus
Call (them to the Faith), and stand steadfast as thou art commanded, follow not thou their vain desires; but say: "I believe in whatever Book Allah has sent down; and I am commanded to judge justly between you. Allah is our Lord and your Lord: for us (is the responsibility for) our deeds, and for you for your deeds. There is no contention between us and you. Allah will bring us together, and to Him is (our) final goal.] (Ash-Shura 42:13 & 15)
These verses make it clear that what is being accepted is The same religion.