Iqbal, part of the team which created history when Bangladesh shocked world champions Australia in Cardiff in June, was left out of the 15-man one-day squad but will retain his place in the Test set-up, the Bangladesh Cricket Board (BCB) said in a statement.
Injured fast bowler Tapash Baisya will also miss the three One-day matches but is expected to return for the two-Test series.
Left-arm spinner Khan Abdur Razzak and left-arm medium-pacer Syed Russel were both called up for the one-dayers on the strength of their performances in Bangladesh A's tour of England.
Bangladesh have lost 33 of their 38 Tests, drawn four and won only one since gaining Test status in 2000. Their maiden Test win came against depleted Zimbabwe earlier this year.
The South Asian team have won 10 of their 115 One-day internationals, including the memorable victory against Australia which prompted tens of thousands of fans to pour on to the streets in celebration.
Iqbal, Baisya, Enamul Haque (junior) and Shahadat Hossain will join the squad on September 4 before the two-Test series. The One-dayers start on August 31.
Habibul Bashar (capt), Khaled Mashud, Mohammad Ashraful, Javed Omar, Rajin Saleh, Tushar Imran, Aftab Ahmad Chowdhury, Shahriar Nafees Ahmed, Mohammad Rafique, Khaled Mahmud, Manzarul Islam, Nazmul Hossain, Khan Abdur Razzak, Mashrafe Mortaza, Syed Russel.
Coach: Dav Whatmore