Intentional controlled islanding (ICI) is proposed to split the power system into a certain number of self-healing islands as the ultimate protective solution to avoid blackout after a large disturbance. Finding the separation boundaries and stabilising the created islands are two aspects of the ICI problem investigated in this paper. Most studies do not address the transient stability along with stability constraints in one framework. These studies ignore the impact of power flow disruption (PFD) on the stability of ICI. This study proposes a framework to solve the ICI problem in a timely manner by combining transient stability constraints with both frequency and voltage stability constraints. Transient stability is addressed in the first stage. A Mixed Integer Linear Programming (MILP) model of islanding is formulated to minimise the PFD caused by network splitting. In the second stage, which deals with the frequency and voltage stability of islands, a multi-stage Linear Programming (LP) algorithm determines the final generation-load adjustments necessary to be undertaken in each island after splitting to achieve acceptable voltage and frequency levels. The proposed multi-stage algorithm employs a frequency stability constraint as well as an indicator of risk of voltage instability to improve both voltage and frequency stabilities, while they meet power balance and operational limit constraints. The efficiency of the proposed algorithm is verified by using the New England 39-bus, and IEEE 118-bus systems. It is illustrated that the proposed method can create more stable islands with short computation times compared to other ICI methods with power imbalance as the primary objective.