LISBON, Portugal (AP) — Rahim Al-Hussaini was named Wednesday as the new Aga Khan, spiritual leader of the world’s millions of Ismaili Muslims, following the death of his father. The 53-year-old was designated as the Aga Khan V, the 50th hereditary imam of the Shiite Ismaili Muslims, in his father’s will. His father died Tuesday in Portugal.

“Prince Rahim Al-Hussaini Aga Khan V was today named the 50th hereditary Imam (spiritual leader) of the Shia Ismaili Muslims, following the unsealing of the Will of his late father, Prince Karim Al-Hussaini Aga Khan IV, who died in Lisbon, Portugal yesterday, aged 88,” the statement said.

World leaders mourn the death of Prince Karim Aga Khan IV and remember his lifelong commitment to peace and development.

The Aga Khan "evolved into a business magnate and a philanthropist, moving between the spiritual and the worldly with ease," The Associated Press said. "Urbane, cosmopolitan and often media-averse," the Times said,

The Aga Khan was the spiritual leader of about 12 million people from the Ismaili sect of Islam, having inherited his title at the age of 20.

Prince Karim Aga Khan IV, the spiritual leader of the global Ismaili Muslim community, has passed away at the age of 88. His death was officially confirmed on Tuesday.

Rahim Al-Hussaini has been appointed as the new Aga Khan, the spiritual leader for millions of Ismaili Muslims worldwide. He was named Aga Khan V, becoming the 50th hereditary imam of the Shiite Ismaili Muslims,

Prince Karim Aga Khan na di 49th hereditary imam of di Ismaili Muslims, wey trace im lineage directly to di Prophet Muhammad. E "passed away peacefully" for Lisbon, Portugal, surrounded by im family,