Nawaz's younger brother Shehbaz Sharif, now the Chief Minister of the prosperous Punjab province, will be the new PM of Pakistan.
In the PML-N consultative session on Friday, Nawaz had proposed the name of his brother as the next Prime Minister, party sources were reported as saying by Geo News.
One of the judges, Ejaz Afzal Khan, said that Mr Sharif was no longer "eligible to be an honest member of the parliament". Addressing the PML-N s parliamentary meeting, Sharif expressed disbelief at the grounds for his dismissal and vowed to continue to struggle for the supremacy of the Constitution.
Considered highly intelligent and a long-time loyalist of Nawaz Sharif, the former prime minister who was ousted by the Supreme Court on Friday, the 58-year-old Abbasi will act as a placeholder for the Sharif dynasty.More news: Special session produces no new progress on school reform
Pakistani media showed crowds assembled outside the court cheering when the verdict was announced.
Nawaz Sharif, who was in the previous year of his third term, has been ousted twice before, the last time after trying to remove army chief Pervez Musharraf.
"The consensus in expert and independent circles is two-fold and clear: Nawaz Sharif has been stripped of the Prime Ministership on troublingly narrow legal grounds and the judgement has the undesirable potential to upend the democratic process in the country".
"Unfortunately, we are without a prime minister".
"Some people urged me to resign, but I told them that it is not a bed of roses, but a bed of thorns that I am sitting on, and my conscience is telling me not to resign because I did nothing wrong", he said.More news: Samsung's profit may top Apple's for the first time ever
It was chose to appoint Abbasi as interim prime minister to run the government until Shehbaz is elected as a member of parliament, they said.
The ruling PML-N party has vowed a smooth transfer of power after Sharif's removal.
It is notable that not a single Prime Minister in Pakistan has been allowed to complete his or her tenure since the country's inception 70 years ago.
Opposition leader Imran Khan, who pushed for Sharif's investigation, called Shahbaz's selection "a form of monarchy". ALSO READ: Nawaz Sharif Disqualified Forever? His party's leaders have noted, however, that their party still enjoys a majority and will stay in power until general elections are held in June 2018. In 1993, he was ousted after a bitter struggle with the country's president, and in 1999 the military overthrew him in a bloodless coup.More news: Eight Found Dead in Sweltering Truck at Walmart Parking Lot in Texas