The teenage frontman has yet to make a first-team appearance for Rangers but has scored 13 goals in 20 games for the under-18s this season.
Shariff has now committed himself to the Loftus Road club until 2013.
"I'm delighted to have signed for another two years," he told the club's official website.
"My aim is to eventually break into the first team.
"I'm enjoying my time here and looking forward to my future at QPR."
Source: PA
Source: PA