Shoaib was not considered as he faced a disciplinary hearing while Asif had yet to recover fully from an elbow injury that had kept him out of action since October, a spokesman for the Pakistan board (PCB) said.
Shoaib is due to appear before the PCB disciplinary committee on Apr 1 to respond to several violations of the players Code of Conduct.
"These players will be considered for the remaining matches if they get clearence from the board," chief selector Salahuddin Ahmed told reporters.
Pakistan plays five one-day internationals and a Twenty20 match against Bangladesh between Apr 8-21.
Selectors have recalled pacer Umar Gul, who was injured during the tour of India in November and had returned home before the Test series due to a back problem.
Batsman Bazid Khan has also won a recall after his high-scoring performances in domestic cricket.
The series against Bangladesh had been pencilled in by the board after Australia postponed a Test series this month due to security reasons.
Bangladesh will play in Lahore, Faisalabad, Lahore, Multan and Karachi.
Shoaib Malik (capt), Salman Butt, Nasir Jamshed, Younis Khan, Mohammad Yousuf, Misbah-ul-Haq, Shahid Afridi, Kamran Akmal (wk), Umar Gul, Sohail Tanvir, Rao Iftikhar, Sohail Khan, Wahab Riaz, Fawad Alam, Bazid Khan and Sarfaraz Ahmed.