For meat to be eaten by Muslims, the meat must be 'Halal'. The animal should not be pre-stunned and the arteries, veins and windpipe in the neck must be cut with a smooth, single stroke. This is also similar to Jewish slaughter for 'Kosher' meat.
In abattoirs in the UK, animals are stunned first by either electricity or with a captive bolt gun which renders them insensible, then the jugulars are severed.
Being totally objective, when animals are cut properly in the Muslim and Jewish methods, often they don't appear to feel the cut - the blade should be razor sharp with no nicks and the cut should be made without pressure. If the cut edges don't come together there is little pain.
Subjectively, I think all animals should be stunned before bleeding, but that's just my opinion.
Interestingly, only the forequarters are used for 'Kosher' meat, so the rest of the animal killed by the Jewish method enters the foodchain as normal meat.