The King has granted the new Aga Khan the title “His Highness”, Buckingham Palace has announced.

Charles is continuing a long-standing royal tradition of bestowing the title on the spiritual leader of the world’s millions of Ismaili Muslims.

Prince Rahim Al-Hussaini, 53, was named as the Aga Khan V following the death of his father Prince Karim Al-Hussaini, the Aga Khan IV, at the age of 88 last week.

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

The King was left deeply saddened over the death of the late Aga Khan.

The billionaire philanthropist was a personal friend of both Charles and Queen Elizabeth II for many years.

Queen Elizabeth II and the Aga Khan IV at a Buckingham Palace dinner in 2008 (Dominic Lipinski/PA)

He was also a leading owner and breeder of racehorses, sharing a passion for racing with the late Queen and helping her achieve one of her most enjoyable days at the races.

The Queen’s filly Estimate, which claimed victory in Royal Ascot’s 2013 Gold Cup – the first time in the race’s 207-year history that it had been won by a reigning monarch, was an 80th birthday present from the late Aga Khan.

Buckingham Palace in a statement on the monarchy’s official social media accounts said: “To mark the accession of Prince Rahim Al-Hussaini Aga Khan as the fiftieth hereditary Imam of the Shi’a Ismaili Muslim community, and in accordance with long-standing tradition, it has pleased The King to grant the new Aga Khan the title “His Highness”.

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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 late Aga Khan’s funeral was held in Lisbon on Saturday, before a private burial ceremony in Aswan, Egypt, on Sunday.