1) The word "Alishbah" (عَلِشْبَہ, with a fatha on ع, a kasra on ل, a sukoon on ش, and a fatha on ب) has no meaning. "Fatima" (فاطمہ), on the other hand, is the name of the daughter of the Prophet ﷺ. Since the first part of the name, Alishbah, is meaningless, it is better to use Fatima on its own. If a second name is to be added, it should be a word with a good and clear meaning.
2) The word "Areeshah" (عَرِیْشَہ, with a fatha on ع, a kasra on ر, a sukoon on ی, and a fatha on ش) means a palanquin. "Fatima" is the name of the daughter of the Prophet ﷺ. Using this combined name is permissible; however, since the first part, Areeshah, does not carry a purposeful or meaningful message, it is better to name the child simply "Fatima". If a combined name is desired, a second word with a good meaning should be chosen instead.
Allah the Almighty knows best.
Darul Ifta Al-Ikhlas, Karachi.