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Noor Bank, for example, follows Islamic principles by having its profit rate linked to the Emirates Interbank Offered Rate (EIBOR), which is governed by the Central Bank of the UAE.
The three-month Emirates interbank offered rate, a benchmark used by banks to price loans, fell to 0.
The three-month Emirates Interbank Offered Rate, used by banks to price some loans, dropped 0.
United Arab Emirates interbank offered rates edged down on Monday to their lowest level in nearly 17 months as regional unrest helped increase liquidity in the country's banking system.
According to a report in The National, the bank switched its base for calculating variable mortgage rates from the Emirates interbank offered rate (EIBOR) to an internally set rate.
The central bank said it opened a "special additional liquidity facility linked to their current accounts" at 50 basis points over threemonth Emirates interbank offered rate (EIBOR), but offered no further details.
The pricing was set at 375 basis points plus/minus 10 points over mid-swaps for the dollar tranche and with the same spread over three-month Emirates Interbank Offered Rate (EIBOR) used for the dirham tranche.
The one-month Emirates Interbank Offered Rate was 3.