
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
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ