Azealia Banks has apologised for her racist and homophobic Twitter tirade against Zayn Malik and Disney Channel star Skai Jackson.The rapper's Twitter account has been suspended following the heavily condemned incident, so she used Instagram to share her apology.Banks, 24, wrote: "Dear World, Now that the immediacy of the infamous incident has worn off, I've had some time to decompress & take a more rational assessment of things. I want to extend my sincerest apologies to the world.""Employing racial/sexual slurs/stereotypes in attempts to make fun of or degrade another person or group is absolutely unacceptable and is not fair or fun for anyone," she continued. "Allowing my anger to get the best of me, I've managed to insult millions of people without reason. And for that I give my deepest apologies."During her Twitter tirade, which she later deleted, Banks called Malik a "hairy curry scented bitch" and a "faggot" after he appeared to subtweet her. She had previously suggested that the former One Direction star had plagiarised her visual style with his new video for "Like I Would".When Jackson tweeted that Banks should "simmer down a little", the rapper told the 14-year-old Disney Channel actress: "You need to grow some hips and start ur menses. Stay in a child's place."Following her series of highly offensive tweets, during which she also took aim at the UK grime scene, Banks has been dropped from the lineup of Rinse FM's Born & Bred summer music festival in London.