Those who know would agree that the matter is much more complex than generally realised. The debate goes on generally on theological grounds ignoring sociological aspects of the phenomenon. For some it is only theological that is important and for others theological phenomenon has to be placed in sociological perspective for better comprehension. Thus it would be more appropriate to say that there are Islams, not Islam as different societies develop different Islamic traditions. The modernity too is generally stereotyped.
Modernity also has to be understood in sociological, rather than rational perspective.
Thus there are modernities rather than modernity. Also, those who work for change and for modernisation, are often selective, emphasising certain aspects and rejecting certain others, depending on chances of acceptability or rejection in their own society. It would be relevant to give some examples. Sir Syed, a great reformer of nineteenth century India, was a great modernist in his own right and worked tirelessly for modernising the Muslim society of nineteenth century India. He emphasised the importance of science and interpreted the Qur an in a way to show that it was not against promotion of science.