The suspension of the Sri Lankan relates to an investigation into the alleged misuse of Asian Football Confederation accounts by American lawyer Michael J. Garcia.
FIFA has not commented if there are any specific allegations levelled against Fernando.
The suspension will last for up to 90 days while FIFA completes its investigation.
"At the request of Michael J. Garcia (chairman of the investigatory chamber of the Ethics Committee), Hans-Joachim Eckert (chairman of the adjudicatory chamber of the Ethics Committee) today provisionally banned FIFA Executive Committee member Vernon Manilal Fernando from taking part in any kind of football-related activity at national and international level for a period of a maximum of 90 days," read a statement on FIFA's official website.
"The decision was taken based on article 83 paragraph 1 in fine of the FIFA Code of Ethics, in order to prevent interference with the establishment of the truth with respect to proceedings now in the adjudicatory chamber.
"The proceedings relate to formal ethics charges brought in a final report filed by the chairman of the investigatory chamber with the chairman of the adjudicatory chamber. This report is the result of investigatory proceedings opened in October 2012.
"The case is now with the jurisdiction of the adjudicatory chamber for any further procedural steps that chamber deems appropriate."