Ismailism belongs to the Shi‘a main stream of Islam. Recent scholarship, based on a more judicious analysis of primary sources, has shown how Ismaili thought was in constant interaction with and to a certain extent influenced well-known currents of Islamic philosophy, theology, and mysticism.
Shi‘i and Ismaili philosophy use ta’wil as a tool of interpretation of scripture. This Qur’anic term connotes going back to the original meaning of the Qur’an. The objective of Ismaili thought is to create a bridge between Hellenic philosophy and religion. The human intellect is engaged to retrieve and disclose that which is interior or hidden (batin).
Ismailism presents a cosmology within an adapted Neoplatonic framework but tries to create an alternative synthesis. The starting point of such a synthesis is the doctrine of ibda‘ (derived from Qur’an 2:117). In its verbal form it is taken to mean ‘eternal existentiation’ to explain the notion in the Qur’an of God’s timeless command (Kun: ‘Be!’). The process of creation can be said to take place at several levels. Ibda‘ represents the initial level. The human intellect eventually relates to creation and tries to penetrate the mystery of the unknowable God.
Human history operates cyclically. The function of the Prophet is to reveal the religious law (shari‘a) while the Imam unveils gradually to his disciples the inner meaning (batin) of the revelation through the ta’wil.
More here, author Azim Nanji http://www.iep.utm.edu/ismaili/