Should be.

One thing that was clear was that it is kosher to take parts out of IM (very cool for trying to cut it down for a theme), but the license stuff must remain fully intact (I'm not sure about included docs and other readme-type stuff). Before it gets into anything like the installer, someone might want to try to pry more info from the maintainer over at the official forums.

Sweet, they got this updated, too:
http://www.imagemagick.org/script/license.php