Preheat your oven to 350°F (175°C). This ensures that your cake bakes evenly.
Grease a 9x5-inch loaf pan with vegetable oil or melted butter, and lightly dust it with flour to prevent sticking.
In a large mixing bowl, combine the vegetable oil (or melted butter), granulated sugar, eggs, vanilla extract, and coconut extract. Whisk until the mixture is smooth and well combined.
In another bowl, whisk together the flour, baking powder, and salt. Gradually add this dry mixture to the wet ingredients, alternating with the coconut milk. Mix until just combined; do not overmix.
Pour the batter into the prepared loaf pan. Smooth the top with a spatula.
Bake in the preheated oven for about 50-60 minutes, or until a toothpick inserted into the center comes out clean. Keep an eye on the cake after the 50-minute mark.
Once baked, remove the cake from the oven and let it cool in the pan for 10 minutes. Then turn it out onto a cooling rack to cool completely.
In a small bowl, whisk together the powdered sugar, vanilla extract, coconut extract, and enough coconut milk to achieve a smooth, pourable consistency.
Once the cake is completely cool, drizzle the glaze over the top and sprinkle with toasted coconut.
