I read some of Satanic Verses, but I got bored with it. It's impossible to understand any of his symbolism, and therefore anything at all that is going on in the story, without being very familiar with Islamic thought.
It's not so much knowing the Quran as much as it is just being intimately familiar with Islamic society, their cultural history and the way they think. Reading the Quran probably wouldn't hurt, if you don't know very much about Islam. Reading something like Reza Aslan's No god but God would probably be better. If you're interested in Satanic Verses, I'd recommend referencing anything confusing online or something as you read. You could probably learn a lot just by Wikipedia-ing the various symbols and cultural ideas. Then again, you might not notice the symbolism is even there if it subtle and you are not familiar with it. Maybe some sort of cliff notes-type guide to the book would be useful.Hmm I have a copy of the Qu'ran- would it be worth my while to read that before reading Satanic Verses? I've read Midnight's Children, but that was more history than religion. If that makes sense. You don't NEED to know much about Islam to appreciate Midnight's Children- just the history of India up until about 1985 or so- give or take.