Hussaini, will oversee the plans to open the million-dollar Ismaili Muslim community hub after his father's recent passing.

Prince Karim, 88, was given the title of “His Highness” by Queen Elizabeth 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.

Hussaini, or Aga Khan IV as he was better known, has led to an outpouring of tributes. The spiritual leader of Ismaili Muslims, more than 80,000 of whom reside in Canada, was known for his philanthropic efforts around the globe.

Canadian Prime Minister Justin Trudeau and Spain’s King Emeritus Juan Carlos were among the dignitaries who attended Saturday’s private ceremony for His Highness Prince Karim Al-Hussaini at the Ismaili community center. Portugal’s President Marcelo Rebelo de Sousa and the mayor of Lisbon were also among the mourners.

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

The coronation of His Highness Prince Karim Al-Hussaini Aga Khan IV in Kampala, in 1957, brought to Uganda the installation of the Shia Ismaili Muslims’ Imam for the first time in 14 centuries. Today,

President Asif Zardari met with Prince Rahim Aga Khan V on Monday and offered his condolences on the passing of his father Prince Karim Aga Khan IV, who died in the Portuguese capital last week, the press wing of the President Secretariat said in a press release.

According to a statement issued by the community, in 2018, Prince Karim Aga Khan IV designated the Henrique de Mendonça Palace, Lisbon, as the seat of the Ismaili Imamat, to be known as the “Diwan of the Ismaili Imamat”. The term Diwan is an Arabic, Indian, and Persian term that means the court or chief administrative office of the Imam.

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.