Artificial Intelligence presents both opportunities and challenges in promoting human flourishing. While AI has the potential to reduce inequalities and improve outcomes, its applications often reinforce biases, especially against marginalized groups. This paper critically examines the dominant principle-based approach to AI ethics, which neglects power imbalances and social context of AI applications. Drawing from decolonial feminist bioethics, the paper proposes an alternative model for AI ethics that addresses structural injustices and centers the needs of the global majority. Through a critical analysis of existing AI ethics frameworks, the paper highlights their limitations in addressing power asymmetries and exclusionary practices. It argues for a shift towards an ethical framework that incorporates decolonial feminist theories and methods, developed in the field of bioethics as an alternative to the principlist approach, to ensure equitable and socially just AI development.