In his interpretation of the Prophet’s mi’raj, Abu Hatim al-Razi noted that Buraq is derived from the Arabic verb baraqa (“to shine”), suggesting the horse symbolizes an illuminating experience or illuminating knowledge granted by a spiritual rank (hadd) of the higher world known as Khayal (Imagination). This light, which emanates from the Universal Soul, “shone” (baraqa) upon the Prophet and elevated him to the higher spiritual rank of Jadd (Good Fortunate), and finally to the Universal Soul and Universal Intellect. Similarly, according to Sayyidna Nasir Khusraw, “the Prophet attained the rank of Natiq and returned to the heaven of the Universal Soul by the spiritual mi’raj (ascent)” (Wajh-i Din, Discourse 15).
Source: Ismaili Gnosis