This paper argues that there has been a historical evolution in the concept of shares and that shares no more represents a pro rata ownership in the assets of listed companies as reflected in most fatawa. The legal position in the UK is that shares represent an entitlement to a bundle of rights. Thus, there has been a shift from ownership towards shouldering the liability of risk of the companies. Consequently, any claim against shares has moved away from real rights (a tangible asset) towards personal rights (an intangible asset). Hence, this demands that the fatawa be reconsidered in relation to shares, as by buying a bundle of rights the dealings are no more asset-backed. Thus, the possibility of riba, gharar and ghaban may manifest in dealings with shares. Hence, Muslim scholars will have to reconsider how to implement Shari(ah within a volatile legal system. Two more issues discussed in this paper: firstly, the filtering criteria of the FTSE Islamic Index used on the London Stock Exchange. Suggestions have been made to increase the level of asset-backed limit. Secondly, the possibility of establishing an Islamic Securities House to optimise compliance with Shari(ah regarding investment on the London Stock Exchange.