Sarfraz would have been captain over Azhar if he had cemented his place earlier. Sarfraz has been famed for his captaincy skills early on and in his U19 days. Azhar on the other hand it's been more of something that has been put upon him once he cemented his place in the international side.
However since Azhar's been made captain now and was pretty much labelled the successor before Sarfraz came along and cemented his place in the side, Sarfraz will probably be vice-captain.
Not sure I see him taking T20 captaincy either. He plays all three formats, and is better in tests. I see him being rested in T20s to manage the workload. It's tough to juggle gloves and bat playing all three formats as well as captaining. It's going to be difficult since he hasn't exactly cemented his place in ODIs, although most agree he deserves to be there, there's dispute about his place. And him being a wicketkeeper, difficult to make him bat up and make another specialist batsmen play at 7. Then in T20s sometimes he's used up top. So where does he decide to bat in T20s? The whole thing becomes very complicated given Sarfraz has no set batting position in LOI. If that changes, then it's a lot more likely he'll get the captaincy in T20s.
I think Malik will be given a go after Afridi for a while if still playing. After will probably be someone new or perhaps Sarfraz.
It's more I think Sarfraz is a back up, if things start going wrong with Azhar he'll replace him as captain. I also think some people in the media favour Sarfraz over Azhar hence are trying to push for him but I don't think Azhar will be going anywhere for now.