The International Cricket Council (ICC) said Razzak was drafted into the squad after Akhtar was forced to withdraw because of a hamstring injury.
Officials said Indian batsman Sachin Tendulkar was in Australia to support the match but it was unclear whether an elbow injury would prevent him from playing.
A sellout crowd of 80,000 is expected for the all-star match at the Melbourne Cricket Ground next Monday. It is expected to raise about five million dollars (3.83 million US).
The ICC said the Asian XI would appear in green uniforms with gold trim during the day-nighter, while the Rest of the World would wear navy blue with white stripes.
South African Rudi Koertzen and New Zealand's Billy Bowden would be the on-field umpires, with England's Chris Broad acting as match referee.
The ICC also allocated squad numbers to both teams.
ASIA : Sourav Ganguly (IND/capt), Marvan Atapattu (SRI),Rahul Dravid (IND), Sanath Jayasuriya (SRI), Alok Kapali (BAN), Zaheer Khan (IND), Anil Kumble (IND), Muttiah Muralitharan (SRI), Kumar Sangakkara (SRI), Virender Sehwag (IND), Sachin Tendulkar, Chaminda Vaas (SRI), Yousuf Youhana (PAK), Abdul Razzaq (PAK)
Rest of the World: Rickey Ponting (AUS/capt), Stephen Fleming (NZL), Dwayne Bravo (WIN), Chris Cairns (NZL), Chris Gayle (WIN), Adam Gilchrist (AUS), Darren Gough (ENG), Matthew Hayden (AUS), Brian Lara (WIN), Glenn McGrath (AUS), Daniel Vettori (NZL), Shane Warne (AUS)