The article considers the epistemological teaching of Islamic religion, various types of knowledge and position of Islam regarding the matters of faith and reasoning. The author of the article answers the question about admissibility of examining exegesis as an object of cognition and an outcome of development of cogitative activity. The article offers more flexible and liberal approach to the interpretation of notion of «ijtihad» and it is regarded as an attempt to revive the exploratory spirit of Islamic religion. The matter of faith is not introduced as an ultimate goal but as a mean of achieving success in religious life. “Is there any relation between the revelation of seventh century and emergence of empirical science?”, “Does the Quranic text foster the scientific research?”, “Is reality a rational comprehensible structure?” – these are the questions the author seeks to provide the answers.