The Collaborative International Dictionary of English v.0.48:
Sahib \Sa"hib\, Saheb \Sa"heb\, n. [Ar. [,c][=a]hib master, lord, fem. [,c][=a]hibah.] A respectful title or appellation given to Europeans of rank. [India] [1913 Webster]WordNet (r) 3.0 (2006):
sahib n 1: formerly a term of respect for important white Europeans in colonial India; used after the name