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.

Prince Karim Aga Khan IV, the spiritual leader of millions of Ismaili Muslims around the world, has died at 88. A statement from his central philanthropic organization said he died "peacefully" in Lisbon on Tuesday.

Billionaire philanthropist and spiritual leader Aga Khan has died at the age of 88, his charity the Aga Khan Development Network has announced. Prince Karim Aga Khan was the 49th hereditary imam of the Ismaili Muslims, who say they are direct descendants of the Prophet Muhammad.