Rizwan and Irfan both suffered hamstring injuries in the third match in Rawalpindi, where a second-string New Zealand side won by seven wickets to level the five-match series 1-1
England chased 299 in 50 overs on the final day of the Test to win by five wickets and clinch the three-match series against the reigning world Test champions.
Ben Stokes' side were ruled to be two overs short of the target after time allowances were taken into consideration, with match referee Richie Richardson imposing the sanction.
"England captain Ben Stokes plead guilty to the offence and accepted the proposed sanction, so there was no need for a formal hearing," the ICC said in a statement.
England are second-bottom in the World Test Championship standings.