Reinforced concrete (RC) members strengthened in shear using Fabric Reinforced Cementitious Matrix (FRCM) composite face challenges in securing sufficient bond length compared to those strengthened for flexure. If the required bond length is not adequately ensured, premature bond failure may occur before the fibers in the FRCM reach their ultimate tensile strength. In this study, a model is proposed to evaluate the shear strength of RC beams strengthened with FRCM, based on the assumption that the shear capacity is governed by bond degradation within the FRCM composite. The proposed model distributes the shear force applied to the beam according to the relative stiffness of the shear reinforcement and the FRCM and considers the bond loss of the FRCM by introducing a bond reduction factor. The model was validated using experimental data from the literature on FRCM shear-strengthened specimens. The evaluation results showed that the proposed model predicted shear strengths with an average strength ratio of 1.22 and a coefficient of variation of 26% compared to the experimental strengths.