There is tonnes of religious music, art, film and creative influence based on the quran, why should a western composer not be able to make such a thing? Islam isn't just based in middle eastern countries, as long as it spreads something good then I see no harm in that.
The Quran is a book of guidance not entertainment. Although it is very beautiful to listen to and read it doesn't mean it should be sung. There are very specific ways to read it and it should not be messed with. Also if people sing it they might mistake some of the words.
In principle, a composer should feel free to set any text to song that they feel warrants the attention/effort and personally intrigues them. In consideration of Muslim values with regards to music and some Muslim views of Western Culture, setting the Quran could be interpreted at disrespectful or even heresy. In my opinion, the risks out way the potential benefits. Certainly, any well meaning intentions on the part of the composer could potentially be misinterpreted, misunderstood and even twisted and warped.