Sarfraz Ahmed will take over leadership duties with immediate effect.
Ben Stokes was hit for four sixes in the final over the the ICC T20 World Cup 2016.
Waqar Younis's resignation comes a day after Shahid Afridi relinquished the T20 captaincy.
IBTimes UK looks at the latest T20 tournament, which saw the West Indies seal their second title in India.
Social media reacts after West Indies defeat England in final of the ICC T20 World Cup.
Cricketer still wishes to play for country, following heavy criticism after World Cup exit
Eoin Morgan's side will hope to become the first two-time winners of the T20 World Cup.
England take on West Indies in the final of the ICC T20 World Cup 2016 in Kolkata.
IBTimes UK sports editor Nick Howson previews the clash between England and the West Indies in Kolkata.
England face West Indies in the ICC T20 World Cup final on Sunday. Find out how to follow the match live.
Dhoni feels no-ball dismissal of Lendl Simmons was crucial moment in World T20 semi-final.
England take on West Indies in the final of the ICC T20 World Cup at Eden Gardens in Kolkata.
Social media reacts after West Indies defeat India in second semi-final of the ICC T20 World Cup.
Shikhar Dhawan, Rohit Sharma and Suresh Raina have struggled in the ICC T20 World Cup 2016.
India take on West Indies in the second semi final of the ICC T20 World Cup 2016 at Mumbai.
Social media reacts after England defeat New Zealand in first semi-final of the ICC T20 World Cup 2016.
Manish Pandey and Ajinkya Rahane will fight for a spot in the Indian line-up against West Indies
MS Dhoni's side fancied to reach second World T20 final.
India go into the semi-final clash against West Indies as the favourites
A look at the key players ahead of ICC T20 World Cup semi-final between England and New Zealand
England lead New Zealand 8-4 in T20 Internationals. Find out how to watch live on TV, mobile and online.
Waqar Younis warns that cosmetic changes in domestic structure will not help in the long run.