At the center of this study is the Islamic idea of religious renewal and its interpretation by the scholars of Al-Azhar and the members of the Ministry of Religious Endowments in contemporary Egypt. This idea, which is rooted in a saying of the Prophet, has received increased attention in these institutions over the past decade. Based on the interpretation of Islamic renewal by the authors examined, the discourse that builds upon this is analyzed. It becomes evident that we cannot speak of a true institutional discourse; rather, it is a discourse that, while taking place within these institutions, is predominantly driven by a few individuals. Furthermore, the discourse has both an intra- and extra-Islamic perspective, which can only be adequately contextualized and understood by considering the current situation of the Arab-Islamic world within its global embedding. Internally, the discourse is directed towards engaging with various competitors in the market of religious interpretations. Externally, it aims at the emancipation of the Islamic world from Western dominance and thus seeks to create an authentically Islamic alternative to Western modernization concepts.