Talking to reporters after submitting his nomination papers, Abbasi said he would continue with the policies of ousted prime minister Sharif over the period of his tenure.
Abbasi, who has been a member of the National Assembly since 1988, will be replaced by Shehbaz Sharif, who is now the chief minister of Punjab province.
Abbasi, who had been serving as minister of Petroleum and Natural resources, however, will vacate the position for Sharif's brother Shahbaz Sharif after the Punjab Chief Minister is elected to the National Assembly. Although Sharif did not withdraw that money, the court said his failure to disclose the said income was a sign that he was not "honest", The Telegraph reported.
"I am thankful to all those who took part in this democratic process", Abbasi said.
Khaqan Abbasi was elected the prime minister on Tuesday with overwhelming majority after Nawaz Sharif was disqualified by the Supreme Court on 28th July in Panama case. We accepted it as it was. There were no defections. I will not go into details of the Friday's decision.
PM Abbasi meets Nawa Sharif. He said Sharif was victimized for putting Pakistan back on the path of progress and bringing in foreign investments worth billions of dollars to Pakistan.
"Shahbaz wants his son, who is already acting as the deputy chief minister, to succeed him for the remaining term in Punjab". There would be no load-shedding after November this year and pointed out that ten thousand megawatt of additional electricity is being added to the national grid. Abbasi has said he is not anxious about the inquiry. He said development of FATA would be expedited.
The opposition has criticized this intention as dynastic and undemocratic, criticism that Abbasi rejects.
In his speech, he also vowed to be tough on tax evasion, urging all Pakistanis to pay their taxes.
His father was the minister for production in the cabinet of then Prime Minister Muhammad Khan Junejo. "If it sinks, everyone will sink".
Speaking after the vote, Abbasi denied he was only a temporary prime minister. However, at the eleventh hour, Shah withdrew from the election leaving Qamar as the sole PPP candidate.
Mehmood Khan Achakzai of the government-allied Pakhtunkhwa Milli Awami Party said the only way to rescue the country from the situation it was in now was to ensure that foreign and domestic policies emanated from parliament.
Speaker Ayaz Sadiq scrutinised their papers and approved their candidature.
Interestingly, none form the PTI came forward to defend Rashid. However, for the event, Imran Khan did not turn up. Nisar was the first to return to the House.
He was arrested after the 1999 military coup led by General Pervez Musharraf which ended Nawaz Sharif's second term as PM, and imprisoned for two years before being released.