Neither side has won the Senior Cup in recent years, with Malone's last victory dating back to 1992 when they beat North, and for Queen's University it was 1981 when they too defeated North.
This season, Queen's had a bye in the first round and went on to fight off opposition from Belfast Harlequins and Dungannon in the subsequent rounds to reach the final of the competition.
For Malone, the competition began in a similar manner, when they had a bye in the first round, and later went on to beat Rainey Old Boys and Instonians to secure a final spot.
First Trust Bank is now the longest standing sponsor associated with the Ulster Branch of the IRFU, and on the eve of the Senior Cup, has announced that it will be continuing its sponsorship of the provincial competition.
John Kilty, General Manager of First Trust Bank, commented: "It is fitting that coinciding with this season's First Trust Ulster Senior Cup final, the bank confirms it will continue its sponsorship of the event and our relationship with the Ulster Branch for a further two years."
David Boyd, the Ulster Branch's Domestic Rugby Manager, added: "We are delighted that First Trust Bank will be continuing its support of Ulster senior club rugby through the sponsorship of the Senior Cup.
"This is a relationship that has existed for in excess of 25 years and such sponsorship relationships are rare in sport, particularly in the current financial climate."
Tonight's final promises to be an entertaining local derby as both sides battle it out to bring the much-coveted silverware home to their respective clubs.
Tickets for the match will be available to buy from the gate, priced at £8 per adult and £3 per child.
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