This article explores the analytical value of Islamic reformation as a conceptual framework for the analysis of the current situation in the Islamic world. Different attitudes toward this concept are compared, resulting in the conclusion that any valid assessment requires a definition of reformation as a religious and social process that can exist outside the specific period of the Protestant Reformation. Delineation of the general characteristics of reformation makes it possible to demonstrate that current tendencies in the Islamic world are similar to those occurring during the Reformation and that Islamic fundamentalists are the driving force of this new reformation. This means that it is incorrect to assess their values and their influence as archaic, reactionary, or fascist. The worldview of Islamic fundamentalists contains both modernizing and anti-modernizing features, and some elements of their influence on society are of a modernizing nature.