Mrs Mobarik and her husband founded M Computer Technologies. She chairs the Pakistan Britain Trade and Investment Forum and formerly chaired CBI Scotland. She said: "I'm delighted to have been nominated by the Prime Minister to sit in the House of Lords. I look forward to supporting him and the Conservative party in his efforts to build a stronger and a fairer United Kingdom.
"From my work with the CBI to my involvement with other voluntary and charity work, I believe business can be a massive force for good locally, nationally and internationally.
"It can spread both prosperity and fairness in society."
Businesswoman and West Ham vice-chairman Karren Brady and former Marks and Spencer store chief Sir Stuart Rose were nominated as Conservative peers.
But the list of 22 new peers was overshadowed by an attack from the Electoral Reform Society over cash-for-peerages claims.
Financier and party co-treasurer Michael Farmer and businessman Ranbir Suri are among 12 new Tory appointments. According to ERS Mr Farmer has donated more than £6.5m to the party. Mr Suri, a further £312,435.