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The capital market is one indicator of a countrys economic growth. But in its development, capital market institutions in general, have several legal problems, especially the existence of gharar elements that are strong enough in their activities. As an effort to overcome this, the Islamic capital market institution was established. Therefore, this article aims to assess the operation of the Islamic capital market, whether it has been able to definitively eliminate the element of gharar in practice in the field, as well as how the mechanism is carried out for this purpose. This article is a normative juridical study using a historical and philosophical approach. From the study conducted, it can be concluded that the establishment of the Islamic capital market has shown significant efforts in removing the element of gharar in its operations.