Zoheir Ali Esmail,
Shaykh Zoheir Ali Esmail has a Bsc in Accounting and Finance from the LSE in London, and an MA in Islamic Studies from Middlesex University. He studied Arabic at Damascus University and holds a PhD from the University of Exeter in the philosophical and mystical readings of Mulla Sadra in the context of the schools of Tehran and Qum.
Thank you for your question. Asceticism is the renunciation of worldly pleasures and has different degrees, whereas monasticism is where a person renounces the worldly life in order to solely devote themselves to a spiritual one, usually remaining celibate and distancing themselves from people in a convent or a similar institution. Monasticism and celibacy are not allowed in Islam.
A level of asceticism is desired and in our traditions, it has been expressed that asceticism is not that you do not own anything, but that nothing owns you. Meaning that what is important is that a person develops past an unhealthy relationship with material things, so that they do not become a source of distance from God, or make us do what is not right.
May you always be successful.