The Aga Khan Prize for Fiction is awarded by the editors of The Paris Review for what they deem to be the best short story published in the magazine in a given year. No applications are accepted. The winner gets $1,000. Paris Review Web page listing Aga Khan Prize winners and giving other information about the prize, accessed 3 November 2006 The prize was established by Sir Sultan Mahommed Shah Aga Khan III, and was first awarded in 1956.
Although the money awarded is the same as many other literary awards in the United States, since the magazine itself attracts some of the most highly regarded authors, the winners of the prize are often highly esteemed writers, most of whom previously won other major literary awards or go on to do so, or both.