In his place, the franchise has confirmed the inclusion of young spinner Haider Ali.
Mustafizur, a seasoned T20 campaigner with experience across leagues worldwide, was initially drafted into the squad but will no longer feature this season.
His absence opens the door for Haider, a promising spinner known for his variations and control in the middle overs.
Meanwhile, Shakib Al Hasan, who had initially gone unsold in the first round of ILT20 auction yesterday, was later picked up by MI Emirates in the second call for USD 40,000.
Fast bowler Taskin Ahmed was also signed, joining Sharjah Warriors for USD 80,000.