Bismillah

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.