The Aga Khan, the spiritual leader of the world's millions of Ismaili Muslims and a major philanthropist, has died.

Billionaire philanthropist and spiritual leader Aga Khan IV has died at 88. He was the spiritual leader of the millions of Ismaili Muslims across the world. They believed that he was a direct descenda

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.

Rahim Al-Hussaini was named Wednesday as the new Aga Khan, spiritual leader of the world's millions of Ismaili Muslims. The 53-year-old succeeds his father, who died on Tuesday.

Prince Karim, Aga Khan IV, was laid to rest in a private ceremony in Aswan, Egypt. His son, Rahim Al-Hussaini, has been named Aga Khan V, continuing the Ismaili Muslim spiritual leadership. World leaders attended a service in Lisbon.

The Aga Khan IV was laid to rest on Sunday at a private ceremony in Aswan, Egypt. The death of Prince Karim – the 49th hereditary imam of the Shiite Ismaili Muslims – was announced Tuesday by the Aga Khan Development Network and the Ismaili religious community.