"After Sept. 15, Shakib will be available for selection," BCB president Nazmul Hassan told reporters after a board meeting.
However, the embargo on participating in overseas competitions will stand.
Bangladesh's most prominent cricketer was banned for what the BCB called a "severe attitude problem".
He later apologised and made a passionate public plea to the board to reduce the punishment.
Shakib, who has played 34 tests and 136 one-day-internationals, was accused of travelling to the West Indies to play in the Caribbean Premier League Twenty20 tournament without clearance from his board and was subsequently ordered to return to Bangladesh.
The 27-year-old had reportedly threatened to quit playing for his country and had an altercation with coach Chandika Hathurusinghe. Shakib has denied the allegation.
Tuesday's decision paved the way for Shakib to play in the home series against Zimbabwe in October-November and the Asian Games kicking off on Sept. 19.
“The Board acknowledged that the player had demonstrated exemplary behaviour since he was handed the penalty and we have been pleased with the manner of his appeal,” Hassan said.
“The Board will continue to monitor him once he returns to playing cricket. We hope that he has had the opportunity to reflect on a difficult phase in his life and will come back as the player the world knows and the personality everyone expects him to be.”
(Reporting by Ruma Paul; editing by Justin Palmer)
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