The former captain was cleared by the Pakistan Cricket Board's integrity committee after an investigation into money he held in an overseas bank account.
The process has restricted the 29-year-old from representing his country since last year's tour of England.
"The committee after detailed deliberations has unanimously reached the conclusion that Malik has established that the said deposits in his overseas account did not emanate from any questionable source," read a statement from the committee.
"Hence Malik is hereby cleared by the committee."
Malik has so far been named as a reserve player for the tour of Zimbabwe, which starts on Thursday, August 25.