The duo has been punished for breaching Level 1 of the ICC Code of Conduct during the clash between Pakistan and Afghanistan on Wednesday.
The pair has been fined for an altercation which occurred after the fifth delivery of the 19th over.
According to an ICC statement, Ali breached Article 2.6 of the ICC Code of Conduct for Players and Player Support Personnel, which relates to “using a gesture that is obscene, offensive or insulting during an International Match”.
Fareed was found to have breached Article 2.1.12, which relates to “inappropriate physical contact with a Player, Player Support Personnel, Umpire, Match Referee or any other person (including a spectator) during an International Match.”
The players admitted their offence and accepted the sanctions proposed by match referee Andy Pycroft.
It was a tense moment in the match when the incident between the pair took place, with the contest on a knife’s edge.
Ali was going all guns blazing at 16 runs off eight deliveries, threatening to take the match away from Afghanistan.
Ahmad then bowled a slower bouncer that deceived Ali, with Karim Janat taking the catch at short fine leg. The incident then took place when Ahmad was celebrating the wicket while Ali was walking off to the pavilion.
Pakistan eventually ended up winning the contest, with Naseem Shah emerging as the unlikely hero with the bat.
Needing 11 off the final over and with only one wicket in hand, Naseem hit two massive sixes off the first two deliveries against Fazhalhaq Farooqi as Pakistan won the match with four deliveries remaining.
The result meant that Pakistan and Sri Lanka qualified for the final of the Asia Cup, with India and Afghanistan getting knocked out of the Super Four stage.