Abbasi, 58, was elected after getting 221 votes in the House of 342, defeating his three rivals emphatically.
Naveed Qamar of Pakistan Peoples Party (PPP) got 47 votes, Sheikh Rashid Ahmed, an Awami Muslim League leader who was Pakistan Tehreek-e-Insaf's candidate, got 33 votes, while Jamaat-e-Islami's Sahibzada Tariqullah managed just four votes.
Sharif's Pakistan Muslim League-Nawaz (PML-N) nominated Abbasi as interim Prime Minister until Sharif's brother Shehbaz is elected as a National Assembly member.
He then asked Abbasi to take the seat of the prime minister and address the House.
Abbasi, while addressing Parliament after the voting, said that his election was a victory for democracy.
He heavily criticised the Supreme Court judgement which disqualified Sharif.
"Sharif has been sent home but he is still people's premier," he said.
"Justice demands that 1,000 guilty are set free than one innocent is convicted," Abbasi said.
He also hailed his Pakistan Muslim League-Nawaz (PML-N) party for standing united after Sharif was disqualified.
After the voting and counting process, many of the PML-N National Assembly members entered the House with posters of Sharif. The National Assembly Speaker objected to this and asked them to put away the placards and posters.
Abbasi will be sworn-in in later at a special ceremony at the President's House, where President Mamnoon Hussain will administer the oath to him.
He is a true loyalist of Sharif and stood with him when his government was toppled in 1999 by Musharraf. Abbasi was imprisoned after the coup and was kept in jail for two years.
Abbasi will remain premier till Shehbaz is elected to the House to take over as prime minister and lead the government till next year when the general election will take place.
Pakistan has seen such arrangements in the past too.
During former military dictator Gen Pervez Musharraf's time, politician Chaudhry Shujaat Hussain was appointed as an interim prime minister until Shaukat Aziz, who was nominated by Musharraf, got elected by the ruling Pakistan Muslim League Quaid-e-Azam (PML-Q).
Hours before the scheduled National Assembly session, Muttahida Qaumi Movement (MQM) announced to withdraw its candidate Kishwar Zehra in favour of Abbasi. The MQM's 24 MPs backed Abbasi.
Major political parties fielded their respective candidates for the premier's post.
The National Assembly's second biggest party in terms of numbers, the PPP, nominated Opposition Leader Khursheed Shah and Qamar. However, at the eleventh hour Shah withdrew from the election leaving Qamar as the sole PPP candidate.
Pakistan Tehreek-e-Insaf fielded Rashid as its nominee. Jamaat-e-Islami fielded Tariqullah as their candidate for the new prime minister.
Disclaimer: No Business Standard Journalist was involved in creation of this content
