Ashraf, the PCB chairman, was elected under a new constitution, which in February replaced the system of appointing the chief by the Patron of the board, the President of Pakistan.
Ashraf and former Lahore Stock Exchange chairman, Aftab Ahmad Khan were locked in a two-way race for the chairman's post but the nomination committee, which had its first meeting in Islamabad today, unanimously recommended Ashraf's name for the post.
The ICC had, in 2011, directed all its member nations to become autonomous and free of government interference by June 2013, failing which sanctions would be imposed on the respective board.
With his future as chairman uncertain following the announcement of the country's general election in May, Ashraf implemented the new constitution in February and was eventually elected for a new term.
The PCB made official Ashraf's appointment through a press release.
"Zaka Ashraf has taken over as the first elected chairman of the PCB who will serve his tenure of four years from today as prescribed in the PCB constitution," the board said in a statement.