Azam fractured his arm in practice for the ongoing PSL and Raees has a hamstring strain, the Pakistan Cricket Board (PCB) said in a statement.
Shami, who turns 35 on Wednesday, returned to international cricket against Zimbabwe in May 2015 after a three-year gap, while Latif last represented Pakistan in a Twenty20 match against Sri Lanka in June 2012.
Former champions Pakistan are waiting for a go-ahead from their government to travel to India where they are scheduled to begin their World Twenyt20 campaign with a super 10 stage match against a qualifier in Kolkata on March 16.
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(Reporting by Amlan Chakraborty in New Delhi; editing by Patrick Johnston)
