The cricket board also decided to reward Khalid Latif for his power-hitting in the Pakistan Super League, sacrificing Iftikhar Ahmed from the squad.
Azam fractured his arm in practice for the ongoing PSL and Raees has a hamstring strain, the Pakistan Cricket Board (PCB) said in a statement.
Shami, who turns 35 on Wednesday, returned to international cricket against Zimbabwe in May 2015 after a three-year gap, while Latif last represented Pakistan in a Twenty20 match against Sri Lanka in June 2012.
Former champions Pakistan are waiting for a go-ahead from their government to travel to India where they are scheduled to begin their World Twenyt20 campaign with a super 10 stage match against a qualifier in Kolkata on March 16.
