Possibly named after the townland of Islandbawn, Co. Tipperary. A possible link with one of three townlands named Islandbane located in Cos. Antrim and Down must also be borne in mind, given that all these places have the same Irish derivation, An tOileán Bán, 'the white/grassy island'. Note that all are inland townlands. The name probably refers to a fertile grassy area surrounded by bog or marshy terrain rather than an island in the sea or a lake.
“Resolved that the following names for new streets be approved: ...Islandbawn Drive For a new street off Falls Road on the property of Mr Edward Shields. ...(22nd May 1934).