"To be honest, what initially attracted me was Mira. She was someone I admired and was eager to work with, on anything," Schreiber said in a statement.
The film is a big screen adaptation of Pakistani author Mohsin Hamid's eponymous bestseller.
"Then I read Mohsin's book and I felt it was a really timely piece, and provocative in a way I was drawn to and even incendiary a little bit, in a way I think is healthy," said the "Scream" fame actor.
Set in the post-9/11 period, "The Reluctant Fundamentalist" is about a young man chasing corporate success on Wall Street - struggling between his American dream, a hostage crisis, and the enduring call of his family's homeland.
Apart from Schreiber, the film stars Kate Hudson, Kiefer Sutherland, Riz Ahmed, Shabana Azmi and Om Puri.
The movie will release in India in May.