In the 100-ball tournament, Mustafizur will have former New Zealand pace great Shane Bond as his head coach.
Bangladesh leg-spinner Rishad Hossain, however, went unsold earlier in the auction. The eight-team competition is scheduled to run from July 21 to August 16.
Rishad, who had a base price of £75,000, was listed among Tier-1 spinners alongside Akeal Hosein, Allah Ghazanfar, Usman Tariq and Jafer Chohan.
Birmingham Phoenix picked Tariq for £140,000 while Chohan joined Welsh Fire for £35,000. Ghazanfar withdrew from the draft and Hosein remained unsold.
Mustafizur was selected from the longlist during the final stage of the draft, where teams could nominate players directly at their base price.
Mustafizur and Rishad were the only two players from Bangladesh on the final auction list, though 21 others had initially registered.
Full squads
Birmingham Phoenix
Jacob Bethell (£340,000), Rehan Ahmed (£250,000), Donovan Ferreira (£210,000), Scott Currie (£210,000), Saqib Mahmood (£150,000), Usman Tariq (£140,000), Mitchell Owen (130,000), Mustafizur Rahman (£100,000), Joe Clarke (£85,000), Laurie Evans, (£85,000), Ethan Brookes (£70,000), Chris Wood (£70,000), Jordan Thompson (£60,000), Will Smeed (£55,000)
London Spirit
James Coles (£390,000), Liam Livingstone (£350,000), Jamie Overton (£225,000), Adam Zampa (£190,000), Dewald Brevis (£185,000), Jonny Bairstow (£160,000), Tymal Mills (£130,000), David Willey (£120,000), Adam Milne (£50,000), Mason Crane (£31,000), Adam Hose (£31,000), James Rew (£31,000), Lhuan-dre Pretorius (£31,000), Matthew Fisher (£31,000)
Manchester Super Giants
Jos Buttler (£350,000), Heinrich Klaasen (£250,000), Josh Tongue (£200,000), Aiden Markram (£200,000), Noor Ahmad (£175,000), Liam Dawson (£175,000), Leus du Plooy (£120,000), Tim Seifert (£100,000), Sonny Baker (£95,000), Gus Atkinson (£70,000), Tom Moores (£50,000), Tawanda Muyeye (£50,000), Tom Hartley (£35,000), Max Holden (£31,000), George Scrimshaw (£31,000), Paul Walter (£31,000)
MI London
Sam Curran (£350,000), Tom Curran (£260,000), Will Jacks (£250,000, James Vince (£190,000), Nicholas Pooran (£175,000), Rashid Khan (£175,000), Nathan Sowter (£130,000), Trent Boult (£100,000), Sherfane Rutherford (£100,000), Richard Gleeson (£65,000), Olly Stone (£50,000), Ollie Pope (£31,000), Ollie Sykes (£31,000), Callum Parkinson (£31,000), Jason Roy (£31,000)
Southern Brave
Jofra Archer (£400,000), Jamie Smith (£300,000), Adil Rashid (£250,000), Chris Jordan (£160,000), Marcus Stoinis (£150,000), Luke Wood (£130,000), David Miller (£110,000), Tristan Stubbs (£100,000), Thomas Rew (£80,000), Ben McKinney (£45,000), Dan Worrall (£80,000), Caleb Falconer (£55,000), Michael Pepper (£31,000), Tom Abell (£31,000), Nikhil Chaudhary (£31,000)
Sunrisers Leeds
Harry Brook (£465,000), Dan Lawrence (£210,000), Mitchell Marsh (£200,000), Abrar Ahmed (£190,000), Zak Crawley (£180,000), Ryan Rickelton (£150,000), Nathan Ellis (£145,000), Brydon Carse (£140,000), Matthew Potts (£75,000), Benny Howell (£50,000), Tom Lawes (£40,000), Tom Alsop (£31,000), Liam Patterson-White (£31,000), Reece Topley (31,000), Ed Barnard (£31,000)
Trent Rockets
Tim David (£350,000), Tom Banton (£225,000), Ben Duckett (£200,000), Sam Billings (£180,000), Mitchell Santner (£175,000), Finn Allen (£160,000), David Payne (£130,000), Craig Overton (£120,000), Matt Henry (£75,000), Danny Briggs (£70,000), Lewis Gregory (£55,000), Dan Mousley (£40,000), Aneurin Donald (£31,000), Ben Mayes (£31,000), Brad Currie (£31,000), Louis Kimber (£31,000)
Welsh Fire
Phil Salt (£450,000), Jordan Cox (£300,000), Marco Jansen (£250,000), Joe Root (£240,000), Rachin Ravindra (£140,000), Chris Woakes (£110,000), Tom Kohler-Cadmore (£80,000), Lockie Ferguson (£75,000), Matthew Short (£75,000), Asa Tribe (£70,000), Sam Cook (£70,000), Ben Kellaway (£37,500), Jafer Chohan (£35,000), Tom Aspinwall (£31,000),
