The plan was agreed unanimously, however a new leader was not named.
The transitional body is intended to return the country to civilian rule and prepare for elections next year.
The army took power after President Blaise Compaore was forced to resign on 31 October amid mass protests over plans to allow him a third term.
“Today was the day of compromise,” said Herve Kam, a member of the Balai Citoyen civil society group.
“Both soldiers and civilians agree on a civilian transition. The institutions of the transition will be led by civilians.”
Lt Col Isaac Zida declared himself head of the West African state on 1 November after President Compaore fled to neighbouring Ivory Coast after 27 years in power.
Last week the African Union (AU) issued a two-week deadline for the authorities to restore civilian rule or face possible sanctions.
Under the charter agreed on Thursday, an interim president will be chosen by a special college composed of religious, military, political, civil and traditional leaders.
The president will then name a prime minister to appoint a 25-member government.
The charter also calls for a 90-member national transitional council to serve as a legislative body.
The president will not be allowed to contest next year’s elections.
Lt Col Zida, who pledged to hand over power to a civilian authority, is expected to enact the charter within days, officials said.
Mr Compaore first seized power in a coup in 1987 and went on to win four disputed elections.
The protests were triggered by his plan to amend the constitution so that he could run for office again in elections next year.
Courtesy of www.bbcafrica.com