A two-judge Rawalpindi bench of the Lahore [ Images ] high court rejected Ahmad's petition after hearing arguments from his counsel and the lawyer of the Federal Investigation Agency.
Earlier this month, the court had issued a notice to the FIA to respond to Ahmad's bail plea.
According to a chargesheet filed by the FIA in 2009, Ahmad and another accused, Mohammad Younas Anjum, provided Rs 3.98 million to Lashkar-e-Tayiba [ Images ] member Shahid Jamil Riaz for preparing for the Mumbai attacks.
Ahmad, who has not been accused of being a member of the LeT, was also charged with obtaining a satellite phone connection from Jeddah [ Images ] in Saudi Arabia that was used by the 10 LeT terrorists who attacked Mumbai.
The seven Pakistani suspects, including LeT operations commander Zaki-ur- Rehman Lakhvi, are currently being held in Adaila Jail in Rawalpindi.
Ahmad's lawyer has claimed that he was running a private business in Saudi Arabia and was not involved in the terror attacks that killed 166 people in November 2008.