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Common variations in English: Malayev, Mallayev, Malaev, Mallaev.
Meaning is derived from the Farsi word Malla indicating fair features such as light skin tone and especially red or blond hair. Such features were uncommon among the Jews of Central Asia. Malla may have started as a nickname. A mark of distinction of sorts.
When referring to a man with a common name, the differentiating factor would have been his distinctive physical appearance. Eg: Falonchi Malla versus Falonchi Kaj.
Alternative explanation: Mallai means servant.
Judging by the presence of fair features among many who carry this surname, the former is more plausible.