Abbasi is a married father of three.
It said the court had a heavy burden on its shoulders and an expectant country will await the fair and even-handed implementation of the new standard.
But the choice is not without risk for the Sharifs' party, the Pakistan Muslim League. They said they would not accept the disqualification of Mr Sharif, adding he would remain the leader of the PML-N.
He urged political parties in Pakistan to unite for its national interest. Finally, after lots of drama, the court on July 28 came up with a verdict disqualifying Nawaz Sharif from holding public office. In 2012, the court found Prime Minister Yusuf Raza Gilani guilty of contempt and ordered him to step down.
"Most of the reaction coming out of the country has been positive".
The Supreme Court judgment against Nawaz Sharif is not a coup, Musharraf said. ALSO READ: Nawaz Sharif Disqualified Forever? He was chairman of Pakistan International Airlines from 1997 to 1999 when General Musharraf overthrew Sharif's government. This period will allow the annointed prime minister, Shahbaz Sharif, brother of the ousted leader, to win a seat to the National Assembly, as required by law.
The US views the Pakistani military as the real power broker in the country, and a main source of support for Islamist insurgents.
Mr. Sharif's removal from office throws his political succession plans into disarray.
The decision sent his political opposition into the streets handing out sweets and beating drums in celebration.
With Sharif's ouster, India has probably lost its best chance at improving relations with Pakistan as the former Pakistan Prime Minister had consistently advocated for peace between the two countries.
With the election 45 days away, the ruling Pakistan Muslim League named Shahid Khaqan Abbasi as interim prime minister.
His future government, he says, would be different. To that extent Delhi will be watching closely how the situation develops in Islamabad.
Shahbaz Sharif has been in charge of Punjab since 2008, building a reputation as a competent administrator focused on building infrastructure. Allegations of corruption have been haunting the Sharif family since 1993.
The investigation claimed they worked with the firm Mossack Fonseca to establish shadow companies for global transactions and money laundering. But transferring the power to his brother will ensure continuation of policies, including fight against terrorism. Bilawal Bhutto Zardari, the chairman of the Pakistan Peoples Party, said the Panama Papers ruling was "a real test of our system".