Coinfection of COVID-19 and malaria in endemic regions may generate complex epidemiological interactions that influence susceptibility patterns, disease burden, and outbreak risk. Although malaria-acquired immunity has been hypothesized to modulate host responses to other infections, its population-level implications for COVID-19 transmission under uncertainty remain insufficiently understood. In this study, we develop a deterministic-stochastic compartmental model for the coupled dynamics of COVID-19, malaria, and their co-infection. Malaria-acquired partial immunity is incorporated through a relative susceptibility parameter that reduces the risk of COVID-19 infection among malaria-recovered individuals. For the deterministic system, we establish positivity, boundedness, an invariant feasible region, and basic reproduction numbers for the COVID-19-only and malaria-only subsystems. We then use numerical simulations to examine how immunity-mediated reductions in susceptibility may influence COVID-19 incidence, peak burden, hospitalization, and cumulative mortality. To account for environmental and transmission variability, we extend the deterministic model to an Ito stochastic differential equation framework and use repeated realizations to characterize uncertainty in epidemic trajectories, peak distributions, and outbreak risk. In addition, global sensitivity analysis based on partial rank correlation coefficients (PRCCs) is performed to identify the parameters with the greatest influence on COVID-19 outcomes. Our results suggest that, under the assumed modeling framework, malaria-acquired partial immunity may reduce the peak infectious burden and cumulative mortality associated with COVID-19. The stochastic simulations further show substantial variability around deterministic trajectories and indicate a non-negligible probability of large outbreak events that are not fully captured by mean-field predictions alone. Overall, the proposed framework provides an uncertainty-aware, mechanistic basis for studying COVID-19--malaria co-dynamics and for assessing how interacting disease processes may shape epidemic outcomes in endemic settings.