The Cottagers unveiled their new owner, after confirming he had agreed a deal with the Egyptian on Friday night.
Former Harrods owner Al Fayed has transformed Fulham from a third-tier outfit to an established Premier League side since taking over in 1997, and Khan said prior to Saturday's photocall at Craven Cottage: "I think it (what Al Fayed has done) is incredible.
"The man rescued Fulham and had a great vision which he's shared with me. I think it's very, very important to all the Fulham fans."
Khan, billionaire owner of the NFL's Jacksonville Jaguars, insisted he would build on Al Fayed's work with the London club.
The 62-year-old continued: "We have to respect history. I am going to listen to the fans and decide...but we have to make sure it's sustainable."
Asked for his thoughts on the takeover, Khan told Sky Sports News: "I think what has happened has been absolutely incredible, something I'm going to remember forever."
The Jaguars will play one regular season game a season at Wembley for the next four years and, comparing the clubs, Khan added: "These are true distinct clubs that will operate differently and independently - but there is a huge amount of synergy."
Asked how much he paid for Fulham, Khan said: "That is highly confidential. It's a very special place. This is the perfect club for me at a perfect time. It's the passing of the baton, taking it to the next level."
On Al Fayed, he added: "I really enjoyed getting to know him. He's a wonderful guy, very much to the point.
"The conclusion (of the deal) came very quickly and amicably. There's a great leadership here and I have a lot to learn. But I'll give the team all the support it needs to be successful on the pitch."