The movie, set 20 years after the first war of Indian independence of 1857, chronicles the story of a courtesan (Qureshi) who falls in love with a prince (Imran), brought up in England.
Ali, who helmed the 1981 National Award winning Rekha-starrer "Umrao Jaan", said his latest film is a peep into the forgotten history.
"I've worked very hard on 'Jaanisaar'. The film tries to trace those pages of history which we have forgotten. Both Imran and Pernia have brought the history alive through their performance."
The film's music has been composed by Ustaad Shafqat Ali Khan along with the director.
Imran, who debuted in Bollywood with the 2014 Bipasha Basu starrer "Creature 3D", said "Jaanisaar" is a film which will be remembered years down the line.
"I don't think I've looked this handsome ever before. Muzaffar sir made me truly look like a prince. My thirst as an actor has been quenched by working in a film like this with Muzaffar Ali.
Pernia, who plays a courtesan Noor in the movie, performed on one of the numbers of the film.
The debut actress said she feels lucky to have a got role like 'Noor' in her first film which has changed her as a person.
"For any actress to get a character who inspired you is rare. I think the character of Noor is a girl I look upto, as I've become a better person by playing this character. There are so many qualities in her that I've admired and tried to imbibe.
The film will release this Friday in India and on August 27 in Pakistan.
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