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Arabic doesn't typically write vowels (except in dictionaries or the Quran in the form of diacritics called tashkeel) so it is actually normal for Arabic to have a large number of pronunciations and meanings with the same spelling. You can see more for this particular spelling at https://en.wiktionary.org/wiki/%D9%85%D9%84%D9%83

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As for the alternative Malik spelling, while it does seem to be used, it is not the primary form.

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Also an alternative form for Malak is ملأك.