Razzaq, 33, returned to the side after he last played against Australia in the 2012 World T20 Cup in Sri Lanka and developed a rift with captain Mohammad Hafeez.
Former skipper Malik, who has played 216 ODIs and 53 T20 internationals, was sidelined after the Champions Trophy in England but has done well in domestic cricket this season.
Pacer Umar Gul, however, did not find favours from the the Pakistani selectors although he has resumed playing domestic cricket since he underwent a knee surgery in Australia in May.
The presence of four seasoned allrounders Shahid Afridi, Razzaq, Malik and Hafeez gives the squad a lot of depth and balance.
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"The reason for recalling Razzaq and Malik is to have a nice balance in the side as the World T20 is also due to be played next year in Bangladesh," a board official said.
The decision to announce the squad comes just one day after a divisional bench of the Islamabad High Court restored Najam Sethi as Chairman of the board and also the interim management committee announced by the government.
Pakistan will play two T20 matches on November 13 and 15.
Squad: Mohammad Hafeez (capt), Nasir Jamshed, Ahmed Shahzad, Umar Amin, Umar Akmal, Shahid Afridi, Shoaib Malik, Abdul Razzaq, Sohaib Maqsood, Sohail Tanvir, Mohammad Irfan, Junaid Khan, Saeed Ajmal, Abdul Rehman.