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,

Prince Rahim Al-Hussaini has been named the new Aga Khan, spiritual leader of millions of Shia Ismaili Muslims around the world. He will take on the role from his father Prince Karim Aga Khan, who died on Tuesday at the age of 88.

Hussaini, the Aga Khan — the title given to the imam of the Nizari Ismailis, a branch of Shia Islam — died February 4 in Lisbon at the age of 88. He led a major development aid foundation.

“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.

The Aga Khan is considered by his followers to be a direct descendant of the Prophet Muhammad and is treated as a head of state

Rahim Al-Hussaini has been named the new Aga Khan, leading the Ismaili Muslim community after his father's passing. Educated in the United States, he has actively participated in the Aga Khan Development Network,

As leader of a branch of Shiite Islam, the Aga Khan mixed business projects and humanitarian initiatives as he built a personal fortune.