Parliament speaker Maya Hanoomanjee, who is also the first woman to hold that post, said the overwhelming approval of Gurib-Fakim's designation was an historic day for the country. The opposition also supported her appointment, making the vote a mere formality.
"I have always believed in the equality of men and women," Prime Minister Sir Anerood Jugnauth told reporters.
Her inauguration ceremony will take place tomorrow, officials said.
Gurib-Fakim, 56, becomes the first female president of the island, which gained independence from Britain in 1968 and replaced Britain's Queen Elizabeth II as its head of state in 1992.
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The Labour party lost elections to Jugnauth last December, with voters rejecting a constitutional reform plan that would have strengthened the powers of the president.
Ramgoolam himself had hoped to eventually run for the new, more powerful position. Since his election defeat Purryag has been seen as an unwanted figurehead, while Ramgoolam has been embroiled in corruption allegations that have shocked the island.
Once dependent on sugar exports, the island has built up a strong outsourcing and financial services sector, and an important tourism industry.
Gurib-Fakim is currently director of the Mauritius-headquartered Centre for Phytotherapy Research (CEPHYR), which carries out research on plants for use in cosmetics, nutrition and therapy.
An alumni of the universities of Exeter and Surrey in Britain, she is also the chair of organic chemistry at Mauritius University, and has worked with the World Bank and other international institutions.