Most of what Shabir said about the Satanic Verses in this video is correct, and it seems he's better informed than most Muslims on this issue. I have a few comments.
(1) Shabir says that these narratives were put into circulation "much later." If by "much later" he means "very early," then I agree. Islam's earliest scholars and historians supported this event.
(2) The host asks Shabir why someone would fabricate such a story. Shabir could offer no reason. And that's crucial. Muslims had reasons for inventing miracle stories about Muhammad (this helped them in their evangelism efforts). Sunnis and Shias had reasons for inventing stories that helped their positions (e.g. "Here's a story saying that Muhammad liked Abu Bakr best). But why on earth would several Muslims independently invent stories about their prophet delivering a revelation from Satan? We can't even conceive of a reason, which means that the only explanation for the data is that the stories are true.
(3) Shabir claims that, since the event supposedly occurred during the Meccan period, people like Ibn Abbas would have been dealing with second-hand information. Really? Ibn Abbas knew many, many people who would have been present in Mecca when Muhammad delivered the Satanic Verses. Would he really not be able to determine the truth? Moreover, does anyone think that Ibn Abbas was so incredibly sloppy that he wouldn't have investigated this story before passing it on? The same may be asked about the other first-century sources.
(4) Shabir argues that Muhammad couldn't have delivered the Satanic Verse because this would have destroyed his credibility in the eyes of his followers. It would "spell the end of his career." But this is simply false. Muhammad's followers knew that his original interpretation of his revelations was that he was possessed by a jinn. This didn't hurt his credibility. They knew that Muhammad was the victim of black magic. This didn't hurt his credibility. They knew that Muhammad received revelations that tended to satisfy his desires (e.g. extra wives and marrying his adopted son's wife). This didn't hurt his credibility. We also know that many of the early Muslim scholars believed in Muhammad, even though they also believed he had delivered the Satanic Verses. So does this answer succeed? Not at all.