There are two possibilities for the sound of the initial 'I' of Isumbras. As an element with a Germanic origin, it might be pronounced like the English word 'eye', but in modern English, names of this form typically begin with a with short i sound, as in 'Isambard'. For a more detailed discussion on this topic, see footnote 2 to the entry for Isumbras Took I.
2
There is a Middle English romance titled Sir Isumbras, and this seems to be the likely source for Tolkien's selection of the name. Taken literally, however, the name Isumbras means 'iron arm'.