The digital public sphere in Bangladesh has undergone a profound transformation in the post-Shahbag period, marked by the rise of social commerce—particularly commerce conducted through Facebook (commonly known as F-commerce)—and the expansion of an Islamic public sphere. This study examines how state policies, social media platforms, and identity politics intersect to reshape online discourse and commercial practices. While secular digital space has contracted under increasing state surveillance and cyber laws, the Islamic digital public sphere has expanded, facilitated by neoliberal digital capitalism and cultural shifts. This transformation is particularly visible in Islamic-themed entrepreneurial ventures in social commerce. This study situates these practices as both economic and socio-political forces that reflect broader ideological and religious expressions. Drawing on ethnographic data, the chapter explores the blurred boundaries between Islamic and Islamist identities in digital spaces, proposing a post-Islamist framework that transcends the narrow scope of political Islam. Ultimately, this study calls for a nuanced understanding of how commerce, religion, and digital governance interact in shaping Bangladesh's evolving digital landscape.