In my point of view, political model of Islam is quite visible in the State of Madina ruled by the Holy Prophet (SAW). Islam is not only the religion but a complete code of life; it explains each and every aspect of life, including political system. Historically, after the rule of four Caliphs, Muslim rules established monarchy or one man government; all powers were reserved to King and people had to obey what the King ordered. We can not termed this kind of government as Islamic Political Model.

Keeping in view your question, as per my knowledge, systems are based on principles, so as the Islamic political system, it is definitely based on Islamic principles. It includes:

Implementation of Amarbil Maroof-o-Nahi anil Munkir

Election or appointment

The leader of the Muslims simply should be from the majority, capable men who would lead well should be preferred over an ineffectual direct heir.

Accountability

If the rulers meet their Islamic responsibilities to the public, the people must obey their laws, but if they become either unjust or severely ineffective then the Caliph or ruler must be impeached via the Majlis ash-Shura.

Rule of Law (Sharia or Islamic law)

The following hadith establishes the principle of rule of law in relation to nepotism and accountability
Narrated ‘Aisha: The people of Quraish worried about the lady from Bani Makhzum who had committed theft. They asked, "Who will intercede for her with Allah's Apostle?" Some said, "No one dare to do so except Usama bin Zaid the beloved one to Allah's Apostle." When Usama spoke about that to Allah's Apostle Allah's Apostle said: "Do you try to intercede for somebody in a case connected with Allah’s Prescribed Punishments?" Then he got up and delivered a sermon saying, "What destroyed the nations preceding you, was that if a noble amongst them stole, they would forgive him, and if a poor person amongst them stole, they would inflict Allah's Legal punishment on him. By Allah, if Fatima, the daughter of Muhammad (my daughter) stole, I would cut off her hand."

Majlis-e-shura

The Majlis ash-Shura advises the caliph. The importance of this is premised by the following verses of the Quran:
“...those who answer the call of their Lord and establish the prayer, and who conduct their affairs by Shura. [are loved by God]”[42:38]
“...consult them (the people) in their affairs. Then when you have taken a decision (from them), put your trust in Allah”[3:159]

We have the guidelines but the problem is Muslims are ignorant of what Islam actually is !