Misbah, who was addressing a press conference in Lahore, said it was a "personal decision" to retire and that it would be "wrong" to attribute it to the Pakistan Cricket Board.
The ICC statement said the 42-year-old was adjudged the victor for inspiring Pakistani players to play the game in its true spirit, at the same time lifting the Pakistan cricket team from number-four to number-one on the ICC Test Team Rankings.
While speaking from Providence in Guyana, the venue of the upcoming three-match ODI series starting on Friday, Arthur hailed the Sarfraz Ahmed-led side for their 3-1 T20 series win which also saw Pakistan climb up from sixth to fourth place in the ICC rankings.
Under Misbah's leadership, Pakistan also achieved the number-one Test ranking for the first time since the current rankings system was introduced in 2003.
"I've seen many ups and downs during my career", he said.
The first Test of the three-match series will begin on April 21. "A cricketer should have fitness and passion for playing and if now he thinks it is the right time for him to give up worldwide cricket then it is good", he said.
Law said he expected the new additions to the squad to display their skills throughout the series.
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Misbah has featured in 72 Tests amassing 4951 runs at a decent average of 45.86.
In an article in Cricket Country past year, Abhishek Mukherjee summed it up well when he said, "Imran ruled over Pakistan".
Misbah ul-Haq will quit cricket after the three-Test series in the West Indies beginning later this month.
"I hope to end my career on a good note", wishes the 42-year-old skipper.
"I made a greater effort to bowl wicket-to-wicket and got the results this time", said Ali after receiving the man of the match award. You get disappointed a bit with your failures but you don't give up. "It's better we should back him even in hard times ... so that he could take the players in new direction".
"I had a dream of winning the World Cup for Pakistan, but then I also had a dream of captaining the team in Pakistan". Earlier this year, coach Mickey Arthur described Misbah as "integral" to the Pakistan side.
In 2014, Misbah smashed a century in both innings as he led Pakistan to their first series win against Australia in 20 years.
Ahmed Shehzad made a welcome return to form in guiding Pakistan to a series-clinching seven-wicket victory over the West Indies in the fourth and final match of their T20 global series at the Queen's Park Oval on Sunday.
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