A Pakistan Cricket Board (PCB) tribunal handed down the punishment following a hearing on Wednesday, but two and a half years of the ban is suspended.
The PCB has been conducting a long-running investigation into corruption in the Twenty20 Pakistan Super League.
Sharjeel, 28, has played one Test match, 25 one-day internationals and 15 Twenty20 internationals for Pakistan.
He will not be able to play domestic or international cricket for the next two and a half years, after which his return will be closely monitored, the tribunal said.
The full findings will be released at a later date.
Spot-fixing is where the outcome of a particular passage of play is pre-determined, as opposed to fixing the outcome of a match.
All-rounder Mohammad Nawaz and seamer Mohammad Irfan have already been sanctioned as part of the inquiry after they failed to report suspicious approaches.
A number of other players have also been questioned or suspended while the inquiry is carried out.
Britain's National Crime Agency provided the initial intelligence that led to the PCB investigation.
Pakistan batsman Sharjeel Khan has been banned for five years for his part in a spot-fixing ring.