Dispense nothing that's beyond Malachi? (5)
I believe the answer is:
allot
'dispense' is the definition.
(allotting is a kind of dispensing)
I can't explain the rest of the clue.
(Other definitions for allot that I've seen before include "Give, apportion" , "Designate; sounds like much" , "Earmark" , "Hand out" , "split up" .)