Preheat your oven to 350°F (175°C) to ensure even baking.
Grease your 9x5 inch loaf pan with cooking spray or butter. Optionally, line the bottom with parchment paper.
In a large mixing bowl, whisk together the vegetable oil (or melted butter), granulated sugar, and eggs until well combined. Add the vanilla extract and coconut extract, mixing until smooth.
In another bowl, whisk together the flour, baking powder, and salt. Gradually add this dry mixture to the wet ingredients, alternating with coconut milk. Start and end with the flour mixture, mixing until just combined.
Pour the batter into your prepared loaf pan and spread it evenly. Bake for 55-65 minutes or until a toothpick inserted in the center comes out clean.
Once baked, remove the cake from the oven and let it cool in the pan for about 10 minutes. Then, transfer it to 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 your desired glaze consistency.
Once the cake is completely cool, drizzle the glaze over the top and sprinkle with toasted coconut for a beautiful finish.
