Aga Khan Development Network is a non-profit, non-denominational organization founded by His Highness the Aga Khan, leader of the Shia Imami Ismaili Muslims. In 1957, His Highness the Aga Khan began constructing agencies to provide social and economic development services to 20 nations across Africa, the Middle East, and Asia, where his Muslim people resided. Now renamed as AKDN, these agencies incorporate microfinance into their programs. In addition to the agencies’ microfinance operations, AKDN manages a network of 10 microfinance institutions (MFIs). As of June 2006, AKDN’s combined microfinance portfolio amounts to USD 52 million in loans outstanding, with 97,000 clients in 12 countries.
His Highness the Aga Kahn, Prince Karim, is chairman of AKDN. Grandson of Sir Sultan Mahomed Shah Aga Khan, the former Imam (leader) of the Shia Imami Ismaili Muslims, a Shia community, Prince Karim assumed his grandfather’s office in 1957. Two years later, he received his bachelor’s in Islamic History at Harvard University. Prince Karim chairs the board of directors for three of the AKDN agencies, Aga Khan Fund for Economic Development (AKFED), Aga Khan Foundation (AKF), and Aga Khan Trust for Culture (AKTC). He also serves as Chancellor of Aga Khan University (AKU). Prince Karim has been awarded by governments of Europe, the Middle East, and Africa, as well as a 1998 Gold Medal from the City of Granada. Universities from Canada, Pakistan, the United States, and United Kingdom have presented the Prince with honorary degrees.
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