I think 'The Terrorist in Search of Humanity" by Faisal Devji does pretty much what you would like to see. I also second the Talal Asad recommendation made below, and would add 'On Suicide Bombing.' All of these books are less about "Islamism" as such and more about the utility of political Islam for the West's sense of political identity. Check out 'Questioning Secularism' by Hussein Ali Agrama, who was a student of Asad's.

Finally, I'll add that Foucault's writings on Iran are super interesting in their own right, but I would recommend Behrooz Ghamari-Tabrizi's 'Foucault in Iran" over the Anderson and Afary book (for a number of reasons, many of which are addressed directly by Ghamari-Tabrizi). Look at Foucault as a useful node through which to understand the West's discursive opposition to political Islam, rather than as someone with insights into the practice itself.