If you hadn't said any different I would have thought it was a creative spelling of Molly, or maybe of Mali, the country. It sounds just like Molly so to me, there'd be no point in using it if I wanted that sound; I'd just use Molly.
I don't really like Molly that much. It's cute, but kind of pet-like.
Before you criticize a man, walk a mile in his shoes. That way, when you criticize him, you're a mile away and you have his shoes!
Steve Martin