By bnm Tehran bureau Prince Rahim al-Hussaini has been named the new Aga Khan, becoming spiritual leader of 15mn Ismaili Muslims following the death of his father in Lisbon aged 88. The 53-year-old was appointed in his father's will unsealed on February 5 as the fifth Aga Khan and 50th imam of the Nizari Ismaili branch of Shia Islam,

At the age of 20, Prince Karim Al-Hussaini inherited the reins of a Shia Muslim lineage and used his entrepreneurship to become one of the world’s richest hereditary rulers.

The Aga Khan IV, the spiritual leader of the world’s Shi’ite Ismaili Muslims, has died at the age of 88. The wealthy imam, who promoted a moderate form of Islam, has also been known for his multimillion-dollar development projects that have benefited communities throughout Asia and Africa.