This research addresses the comparative investigation and analysis of the political thoughts of two prominent contemporary thinkers of the Islamic world, Sayyid Quṭb and ‘Alī ‘Abd Ar Rāziq, in the field of the relationship between religion and politics. These two Egyptian thinkers, despite living in a similar historical and cultural context, have presented two completely different readings of the role and position of religion in the arena of politics and government. Therefore, the fundamental objective of the present research is to explicate the theoretical roots, intellectual foundations, and discursive consequences of each of these two viewpoints in the formation of contemporary political discourses in the Islamic world. The main problem of the research is that in the encounter of Islamic civilization with Western civilization, two major discourses emerged within Islamic thought: the discourse of Traditionalism, which emphasizes the inherent bond between religion and politics, and the discourse of Modernism, which insists on the separation of these two spheres. The central question of the research is: what signs, components, and central signifiers distinguish the political thought of Sayyid Quṭb and ‘Alī ‘Abd Ar Rāziq from one another, and how can their epistemological and discursive boundaries be delineated? The research method is the method of discourse analysis inspired by the theory of Laclau and Mouffe, based on which the key concepts and the semantic network of the two thinkers' thoughts have been extracted, classified, and analyzed. In this framework, an attempt has been made to identify the central and floating signifiers of each discourse and to explicate the manner of their fixation or challenge against the rival discourse. The results of the research indicate that the political thought of Sayyid Quṭb is organized around the axis of the central signifier of "Political Islam"; he believes that Islam is inherently a political religion and the realization of an Islamic society is not possible without the formation of a religious government. In contrast, ‘Alī ‘Abd Ar Rāziq, by relying on the same religious texts (Nuṣūṣ), emphasizes "Secular Islam" and considers religion to be observant of the individual and ethical sphere, not the governmental structure. In sum, these two discourses delineate two different but decisive paths in the contemporary political thought of the Islamic world. Sayyid Quṭb is the representative of an ideological and political re-reading of religion, whereas ‘Alī ‘Abd Ar Rāziq is considered a promoter of a customary (‘Urfī) and secular reading of Islam. The comparative study of their thought opens new horizons for understanding the challenge between tradition (Sunnah) and modernity in Islamic societies and indicates that the political future of the Islamic world will be determined, to a large extent, in the relationship between these two readings.