The development comes after Asif was detained at the Dubai airport for carrying a banned substance in his wallet.
Asif, who was returning to Karachi via Mumbai after playing in the Indian Premier League (IPL), is likely to remain in detention at Dubai for at least three more days.
The Pakistan Cricket Board (PCB) decided to drop the right-arm seamer after it became clear he is unlikely to return in time for the tournament in Bangladesh which is due to start from June 8.
'Asif cleared of drug charges': Meanwhile the Pakistan ambassador in Abu Dhabi claimed that the charge of possesing illegal drug (hashish) against Asif has been dropped and the Pak pacer will fly home soon.
He said the fast bowler was detained because of a 'misunderstanding' which had now been cleared.
The cricketer would be released soon and would take the first available flight to Pakistan, the Dawn quoted the envoy Ahsan Ullah Khan as saying.