The acronym form of "Friends With Additional Benefits". A term used to describe friends who also engage in sexual relations without the premise of a romantic relationship.
Him: I just love the fact that we can be FWAB!
Her: This arrangement is fucking FWABulous!
Foreigner With A Beard: An informal slang term originating from the internet culture, particularly used in the Philippines. "Fwab" is an acronym that stands for "Foreigner With A Beard." It is often employed to categorize or express a preference for a certain type of men who are foreigners and possess facial hair, specifically a beard.