Misleading. The Ismailis are Shiite, and they think there is a direct descendant and living imam. IIRC he is a Harvard man, class of '57. :) Back in the day, had a lovely home on the Rue des Ursins in the heart of Paris...built a very cool resort in Sardinia...my human almanac is on a tear.
Do they each have a distinct version of the Koran?
yes, the head of the Ismailis is the Aga Khan. his grandfather and father both married many Europeans and he has 3/4th European blood (or more). The Ismailis are more “open” than other Moslems as the Aga Khan interprets the Koran for them and does tend towards peacefulness.