Fictionist
Serving Eargasms....
It's already based on perosnal interpretation (albiet with some people following specific schools of interpretation) - there is no central vatican decreeing orthodoxy, but a multiplicity of competing views. That's why these repeated calls for an reformation of Islam, directly comparable to that of the christian church 500 years ago are based on a fundamental and unhelpful misunderstanding. Not to mention that idea that this reformation would automatically equal modernisation (on what model? In evangelical hard-line protestantism? Hindu-chauvanism?)
The history of Islam over the last 150 years is again, alreadyone of modernisation - of competing models of dealing with, controling or incorporporating modernisation in line with the interests of various groups. Read up on it - you might be suprised.
When you begin with "It's already based on personal interpretation" it is unclear to what you refer - the Qur'an, the ahadith, the tafsir, and then you mention "specific schools of interpretation".
You then appear to be drawing a structural comparison between the institutions of Christianity (citing the Vatican) and the fact that there does not appear to be comparative or similar functioning mechanisms of authority within Islam.
You go on to mention that there have been repeated calls for modernisation in respect of Islam, but you do not identify who is making such claims - within or without Islam - or the contextual framework against which any such calls might be made (and why).
Finally you state that the history of Islam in the last 150 years is one "of modernisation".
Taken as a whole I can't really identify the point that you might be making, hence my continuing confusion.

