Your configuration would result in the following if you used 88 as 88000 (bits per second under shapers)
During congestion = BW guarantee of 64K
Always in effect = Shaping Policy = 88K Average with a burst excess of 88K = 176K Peak (88K CIR/176K Port) total if interface has BW available during the interval (default every 25ms or 1/40th of a second).
If you want to limit max to 88K, then use
shape average 880000