This is the task of Hindu vedanta and Islamic tafsir.
Warning: description acceptable. A school of thought dedicated to this task centers on the belief that Atman and Brahman are the same, knowledge of which removes maya, or the illusion of the real world. Adi Shankara is best known for his work in this task, and for founding the Advaita school of it. An eight-volume work dedicated to this task in Islam is the most famous book by Mufti Muhammed Shafti. Early texts dedicated to this task in Hinduism include the Brahma Sutras. In Islam, this task proceeds via riwaya, which draws on the isra'iliyat and the sayings of the sahabah, and diraya, which draws on outside sources like (*) linguistics and history. A famous Islamic work of this kind was written by two people named "Jalal," including Al-Suyuti. This is the task of Hindu vedanta and Islamic tafsir. Ibn Kathir's work of this kind describes the "Virtues" of Al-Baqara, including the recitation of the Throne Verse, and analyze the letters at the beginning of each sura. For 10 points, name this process of explaining scripture. 
Warning: description acceptable. A school of thought dedicated to this task centers on the belief that Atman and Brahman are the same, knowledge of which removes maya, or the illusion of the real world.
scriptural exegesis [accept vedanta until mentioned; accept tafsir until mentioned; accept any description of elucidating, explaining, interpreting, etc. until the word "explanation"; accept hermeneutics; prompt on "commentary" and word forms]