Pakistan were three overs short of the required rate during Monday's match in Colombo, the International Cricket Council (ICC) said in a news release on Tuesday.
The ICC added that this was a ""serious over-rate offence" in limited-over cricket.
A Pakistan Cricket Board spokesman told Reuters that Misbah would be replaced as skipper on Friday by vice-captain Mohammed Hafeez.
Hafeez has captained Pakistan in two Twenty20s but has yet to lead the team in a one-dayer or a test.
The Pakistan players involved in Monday's encounter, a game they lost by two wickets to suffer a 3-1 defeat in the series, were fined 40 percent of their match fees by the ICC.
The fines were based on a 10% penalty for each of the first two overs and a further 20 percent for the additional over they failed to bowl in the allotted time of three and a half hours.
It is the second time in six months an international captain has been suspended for a slow over-rate.
India skipper Mahendra Singh Dhoni was also banned for the fourth test against Australia in January.
Dhoni was punished for incurring two over-rate breaches in the same form of the game in a 12-month period.
India were three overs short of their required rate in a test against West Indies in Barbados in June 2011 and then two overs short in Perth this year.
COMMENTS (7)
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@PPP Fan: "If PPP Minister for Sports Jamshed Dasti was still in power in his ministry this would not have happened."
This was an ICC decision. It would not have mattered who was the Pakistani sports minister.
If PPP Minister for Sports Jamshed Dasti was still in power in his ministry this would not have happened.
Misbah applying his tuk tuk skills to bowling
I hope my comment is not deleted..I just have a simple question...out of 190 ODIs featuring test playing nations in which broad refereed, 57 were matches involving Pakistan (30%), similarly 12 out of 51 tests were Pak tests (23%) and 8 out of 33 T20 were Pak T20s (24%).....why is it that C.Broad has lion's share when it comes to refereeing in Pakistan matches...?? and we all know he has always been very very harsh on Pak team as well...may be he likes "admonishing" some teams more than others..... and lastly just to refer to your own commentary, CRICINFO said at end of Srilankan bowling that "6.20pm We are 20 minutes over time. Some work for Chris Broad there. And we have seen authorities have got stricter and stricter with time. "..so Srilankans were late by 5 overs........( 20 minutes = 5 overs) ....but not fined...let alone banned.....why were only Pak team fined and captain banned...????
good..he deserved a ban for not selecting Ajmal. That's his punishment for now lol :d
and the Tuk tuk tuk continues..