"We accept responsibility for playing poorly against the West Indies in the crucial match but we must also not be bad losers. They played better on that day to beat us," Hafeez told reporters at the airport after returning home from Dhaka.
The experienced player pointed out that victory and defeat were part and parcel of the game.
"We know people are disappointed and we take responsibility for not giving our best performance but we must not be bad losers," he said.
"I didn't score the runs I would have liked to do and my performance was not up to the mark but the team tried hard," he said.
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Hafeez also didn't agree with seasoned all-rounder Shahid Afridi's assertion on returning home earlier in the day that the team had played with a negative mindset and lost because of this approach.
"I don't know what he has said because I have just got off the plane but the team played positively in the tournament but we were not good enough on the given day," he said.
Asked about his future as captain, Hafeez said this was up to the Pakistan Cricket Board to decide on that.
"I do my best but as far as the captaincy is concerned it is a decision of the board. If they want me to continue or want someone else. Even if they appoint someone else I can assure you I and the entire team will support him," Hafeez added.