All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad, sallallaahu`alayhi wa sallam, is His slave and Messenger.
It is clear that the aforementioned name is a combination of two names, and there is nothing wrong with that. As for the name Izhaan, we do not know its meaning, as it is not Arabic. Ask the people of your country about its meaning. If the name Izhaan does not have a reprehensible meaning, then there is no harm in naming the newborn with it added to the name Muhammad.
Allah knows best.