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First Abu Dhabi Bank
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IBOR Transition
About IBOR Transition (Conventional Products)
This explanation and general risk warning is provided for customers of First Abu Dhabi Bank PJSC and each of its affiliates (collectively,'FAB') who may have a conventional product or agreement which uses the London Interbank Offered Rate ('LIBOR') or another inter-bank offered rate (together with LIBOR, the 'IBORs') as a benchmark rate.
About IBOR Transition
(Islamic Products)
This explanation and general risk warning is provided for customers of First Abu Dhabi Bank PJSC and each of its affiliates(collectively, 'FAB') who may have an Islamic product or agreement which uses the London Interbank Offered Rate ('LIBOR') or another inter-bank offered rate (together with LIBOR, the 'IBORs') as a benchmark rate.
IBOR Transition FAQs
These frequently asked questions (“FAQs”) are provided for information purposes only and are subject to change. These FAQs are indicative only and not binding. Where information in these FAQs has been obtained from third party sources, we believe those sources to be reliable, but we do not guarantee the information’s accuracy, and you should note that it may be incomplete or condensed.
Adherence to the ISDA Protocol
London Interbank Offer Rates (LIBOR) and other Interbank Offer Rates (collectively, IBORs) are expected to be discontinued after 31 December 2021 and replaced with certain Alternative Reference Rates (ARRs), with the exception of certain USD LIBOR rates which are expected to be discontinued on 30 June 2023.
Update on IBOR Transition – Corporate and Investment Banking
The London Interbank Offered Rate (LIBOR) has existed in the market for more than 30 years. LIBOR rates have been embedded in various products and market segments across the global financial system.