Pakistan's last wicket partnership between Naseem Shah and Abrar Ahmed survived 21 balls in fading light while Sarfaraz Ahmed slammed a fighting hundred to deny New Zealand a victory in the second Test here on Friday.
Malik, who was player of the final in National T20 Cup on Sunday evening, has made way for Abdullah Shafiq.
The PCB has granted Test captaincy to senior batsman Azhar Ali, while it is Babar Azam who has been given the captaincy of limited-overs team.
Sarfaraz had earlier expressed his happiness after being included in the squad and went on record saying that he does not mind sitting and waiting for his turn.
"I am happy that I am back in the team," the former Pak skipper said.
While Azhar Ali has been named the captain of the Pakistan team in Test matches, Babar Azam has been given the responsibility of leading the team in the shortest format of the game.
The sacking of Sarfaraz comes after he had failed to prove himself as a leader in the recent past.
Earlier, former Pakistan greats Zaheer Abbas, Mohsin Khan and Shahid Afridi had also expressed the same opinion about Sarfaraz and how he should relinquish Test captaincy.
It will be the first instance in four years that Pakistan will be hosting a bilateral ODI series. Last time they hosted Zimbabwe in 2015.
Talking on the development, PCB Chairman Ehsan Mani said: "I am hopeful the trio of Misbah, Sarfaraz and Babar will do well for Pakistan cricket."
