Fractional Fourier transform and chaos functions play a key role in many of encryption-decryption algorithms. In this work performance of image encryption-decryption algorithms is quantified and compared using the computation time i.e. the time consumption of encryption-decryption process and resemblance of input image to the restored image, quantified by MSE. This work proposes an improvement in computation-time of image encryptiondecryption algorithms by utilizing image compression properties of the 2-dimensional Discrete Wavelet Transform (DWT2). Initially, computation complexity of the algorithms is evaluated and compared with that of existing algorithms. This analysis claims the proposed algorithms to be nearly 8 times faster than the existing algorithms. Further, simulations are performed using MATLAB7.7 to quantify performance of existing algorithms and the proposed algorithms using MSE and computation time. The results obtained in these simulations prove that for the proposed algorithms MSE between restored and original images is lesser than that of existing algorithms thereby maintaining the robustness of the existing algorithms. These algorithms are found sensitive to a variation of 1x10-1 in the fractional orders used in encryption-decryption process.