Veli
Veli is a Bosnian/Turkish form derived from the Arabic root wālī (ولي). It is not Classical Arabic as spelled Veli, but its origin is the Arabic word for guardian/ally.
Yes. Veli is attested in Bosnian Muslim naming traditions and Ottoman-era records as a vernacular given name.
The Arabic root wālī appears in the Qur'an in contexts meaning 'guardian' or 'ally', but the specific form Veli as a personal name is a vernacular onomastic form and not a Qur'anic proper noun.
Wali (Arabic) can be used as an honorific for saintly figures; Veli as a vernacular form has at times carried connotations of closeness or guardianship but functions primarily as an ordinary given name.
Yes. Its root has positive meanings (guardian, protector). As with many names derived from Arabic attributes, it is acceptable as a personal name in Muslim communities.