A scholar or adherent who strictly follows the teachings of the Quran; someone devoted to Islamic religious scholarship based on the Quranic text.
From 'Alcoran' (archaic spelling of Quran) plus the suffix '-ist' (denoting a person who practices or believes in something). This term appears in older European texts on Islamic scholarship.
The '-ist' suffix is one of English's most productive tools for creating occupational nouns — 'alcoranist,' 'botanist,' 'pianist,' 'racist' — it literally means 'one who does or believes in X.'
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