Prince Rahim designated Aga Khan V, the 50th leader of Shia Ismaili Muslims

Prince Rahim Al-Hussaini was named Wednesday as the new Aga Khan, spiritual leader of the world's millions of Ismaili Muslims.

He was designated as the Aga Khan V, the 50th hereditary imam of the Shia Ismaili Muslims, in his father's will. His father died Tuesday in Portugal. 

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.

The Aga Khan Development Network and the Ismaili religious community announced earlier that Prince Karim Al-Hussaini, the Aga Khan IV and 49th hereditary imam of the Shia Ismaili Muslims, died surrounded by his family. It said his burial and will-reading will be held in the coming days, followed by an homage ceremony.

WATCH l Prince Karim Aga Khan IV's legacy remembered in Canada:

Remembering the Aga Khan’s legacy and connection to Canada

1 day ago

Duration 1:37

Many Ismaili Muslim Canadians gathered in Toronto to pay their respects to Prince Karim Aga Khan IV after his death. Part of his legacy was his deep connection to Canada, which was remembered by the prime minister.

The late Aga Khan was given the title of "His Highness" by Queen Elizabeth II in July 1957, two weeks after his grandfather the Aga Khan III unexpectedly made him heir to the family's 1,300-year dynasty as leader of the Ismaili Muslim sect.

A defender of Islamic culture and values, he was widely regarded as a builder of bridges between Muslim societies and the West.

The Aga Khan Development Network, his main philanthropic organization, deals mainly with issues of health care, housing, education and rural economic development. The network says it works in over 30 countries and has an annual budget of about $1 billion US for non-profit development activities.

Ismailis lived for many generations in Iran, Syria and South Asia before also settling in East Africa, Central Asia and the Middle East, as well as Europe, North America and Australia more recently. They consider it a duty to tithe up to 12.5 per cent of their income to the Aga Khan as steward.

WATCH l Aga Khan 'an extraordinarily compassionate global leader,' Trudeau says:

Trudeau pays tribute to Aga Khan

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Duration 1:06

At a Lunar New Year event in Ottawa, Prime Minister Justin Trudeau spoke about finding out just minutes earlier that his 'very good friend' Prince Karim Aga Khan IV, the spiritual leader of Ismaili Muslims around the world, had died. Trudeau called the Aga Khan 'an extraordinarily compassionate global leader, a man of vision, of faith and of incredible generosity.'

Aga Khan IV had four children. Rahim was born in October 1971 and is just over a year younger than his sister, Zahra. Hussain, another son, was born in 1974.

Aly Muhammad was born in 2000, from the Aga Khan's second marriage.