Ashraf, who was on life support in Dhaka's Square Hospital, passed away around 4 pm on Friday, his aide Abdul Kuddus Hawlader said.
The Cumilla-7 MP, who was also the chairman of the parliamentary committee on government assurances, had been suffering from a combination of age-related problems and diabetes for a while.
He was admitted to Square Hospital on Jul 10 and was subsequently moved into intensive care as his condition deteriorated. He was later placed on life suport on Jul 21.
Ashraf was serving his fifth term in parliament as a representative from Cumilla.
He became the deputy speaker of parliament after Abdul Hamid, the current president of Bangladesh, took over the post of speaker following the death of Humayun Rashid Choudhury in 2001.
Ashraf also served as the finance and planning secretary of the Awami League and was the president of the ruling party's Cumilla North District unit.
Ashraf was born in Cumilla's Gallai village in 1947. Having taught in various colleges, he was appointed as director of the Mujibnagar government's foreign ministry in 1971.