Side events include a business summit and a counter-terrorism conference.
The Malaysian Prime Minister is also scheduled to hold a bilateral meeting with Turnbull on Saturday morning, before the summit begins.
"Clearly, attempts to get Turnbull to distance himself from me has failed as the Australian government chose to give the Malaysian government the highest honour", he said.
Since 2012, roughly 220 Australians have travelled to Syria and Iraq to join the Islamic State, while the same organization has targeted around 300 million Muslims in Southeast Asia for radicalization.
Najib said what was also very important was promoting a culture in which radical ideologies would find it hard to take root and Malaysia had established the Global Movement of Moderates Foundation (GMMF) in Kuala Lumpur, as a centre for the consolidation and dissemination of information and materials to underpin this.
This is the first time Australia is hosting a joint summit for all Asean leaders.
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During a press conference with Malaysian media, Najib, when asked about his engagements with Turnbull, said: "I was given the special honour by my counterpart who had me deliver the keynote address at the counter-terrorism conference".
At a private Asean leaders' dinner right after the conclusion of the conference earlier today, Turnbill positioned himself next to Najib, where the two leaders shared their insights on issues of mutual concern. "If we want to be effective in saving lives, it is essential that we have legislation that prevent acts of terrorism, rather than just deal with the aftermaths", he said.
Crimes verging on genocide were being committed against the Rohingya minority in Myanmar, and those crimes bore "the fingerprints of the Myanmar government and of the global community", the United Nations special adviser on the prevention of genocide said on Tuesday.
With regard to economy, discussion will focus on trade and investment while on defense it will be focused on maritime security, human trafficking, cross-border crimes, cyber crimes and counter-terrorism.
The MoU was inked by ASEAN Secretary General Datuk Lim Jock Hoi and Australian Foreign Minister Julie Bishop.
Addressing the crowd he said Malcolm Turnbull is shaking blood-stained hands.
The summit at the International Convention Center will also be attended by ministers, CEOs, small and medium businessmen from Australia and ASEAN member countries.