Hi, if you search in google for 'shahib' it says did you mean 'Sahib' the word originated from British culture of class - meaning an officer (in govt, forces or even house owner). I am not familiar if anyone would pronounce it as Shahib. I used to own Sahiba (which is female variation of Sahib) and it was not a phonomenal sale as one would expect.
At best, it can be a Person's name with no meaning.