Uncapped batsmen Junaid Siddique and Nazimuddin, and fast bowler Ziaur Rahman are included, while there is a recall for Alok Kapali.
"We have dropped Rafique and Nafees as their performances during the July tour to Sri Lanka were not satisfactory," said chief selector Faruk Ahmed.
The Twenty 20 World Championship takes place in South Africa from September 11-24.
Bangladesh are drawn in Group A alongside South Africa and Bangladesh, with the top two progressing to the second group stage.
Bangladesh squad: Mohammad Ashraful, Aftab Ahmed, Tamim Iqbal, Saqibul Hasan, Mashrafe Bin Mortaza, Farhad Reza, Alok Kapali, Mahmudullah Riyad, Mushfiqur Rahim, Abdur Razzaq, Junaid Siddique, Nazimuddin, Nadif Chowdhury, Syed Rasel, Ziaur Rahman