The Muslim Brotherhood after the Egyptian revolution removed Hosni Mubarak from power organized its political activity under the Freedom and Justice Party. The group said it wasn't seeking to establish an Islamic state in Egypt nor would it field a presidential candidate.
Candidates affiliated with the group in 2010 ran under the slogan of "Islam is the Solution."
Some Muslim Brotherhood members have broken from the group to take part in the presidential contest.
The Pioneer Party, formed by former Muslim Brotherhood members, issued the founding statement of the new political movement.
"Egypt is Arab by affiliation, Islamist by culture and civil by inclination," Egyptian newspaper Al-Masry Al-Youm quoted the statement as saying.
The platform goes on to describe a post-revolution Egypt as a leader in international community.
Members of Mubarak's dissolved National Democratic Party are barred from playing any role in the Pioneer Party, the statement adds.
The ruling Supreme Council of the Armed Forces postponed parliamentary elections to late 2011, meaning presidential elections and constitutional reforms probably won't happen until 2012.