Electrocardiogram (ECG) signal analysis has become significant in recent years as cardiac arrhythmia shares a major portion of all mortality worldwide. To detect these arrhythmias, computer-assisted algorithms play a pivotal role as beat-by-beat monitoring of holter ECG signals is required. In this paper, a morphological arrhythmia classification algorithm has been proposed to classify seven different ECG beats, namely Normal Beat (N), Left Bundle Branch Block Beat (L), Right Bundle Branch Block Beat (R), Atrial Premature Contraction Beat (A), Premature Ventricular Contraction Beat (V), Fusion of Normal and Ventricle Beat (F) and Pace Beat (P). A novel feature set of 25 attributes has been extracted from each ECG beat and ranked using the Fuzzy Entropy-based feature selection (FEBFS) technique. In addition, two distinct classifiers, support vector machine with radial basis function as the kernel (SVM-RBF) and weighted K-nearest neighbor (WKNN), are used to categorize ECG beats, and their performances are also evaluated after adjusting vital parameters. The performance of classifiers is compared for four different ECG beat segmentation approaches and further analyzed using three similarity measurement techniques and two fuzzy entropy methods while feature selection. The classifier results are also cross-validated using a 10-fold cross-validation scheme, and the MIT-BIH Arrhythmia Database has been used to validate the proposed work. After selecting 21 highly ranked features, WKNN achieves the best results with the nearest neighbor value K = 3 and cityblock distance metrics, with Average Sensitivity (Sen) = 94.89%, Positive Predictivity (Ppre) = 97.13%, Specificity (Spe) = 99.72%, F1 Score = 95.95%, and Overall Accuracy (Acc) = 99.15%. The novelty of this work relies on formulating a unique feature set, including proposed symbolic features, followed by the FEBFS technique making this algorithm efficient and reliable for morphological arrhythmia classification. The above results demonstrate that the proposed algorithm performs better than many existing state-of-the-art works.