To the best of our knowledge this is the first time a new optical isolator has been developed that uses BiCaInVIG, a non-rare-earth iron garnet. The device has high isolation > 40 dB with an insertion loss of 1.0 dB at 1.3-microm wavelength and > 43 dB with 1.1 dB at 1.52-microm wavelength, including Fresnel reflection losses of ~0.8 dB for two polarizers. In addition, the device is inexpensive. In order to adjust maximum isolation when the isolator is assembled, a theoretical basis is presented, and the calculated values are in good agreement with the experimental results.