Preheat your oven to 350°F (175°C). Grease and flour your 9x5-inch loaf pan.
In a large mixing bowl, combine the vegetable oil (or melted butter) and granulated sugar. Beat until light and fluffy. Add the eggs one at a time, mixing well after each addition. Stir in the vanilla and coconut extracts.
In another bowl, whisk together the all-purpose flour, baking powder, and salt. Gradually add this to the wet mixture, alternating with the coconut milk. Mix until just combined.
Pour the batter into the prepared loaf pan. Bake for 55-65 minutes, or until a toothpick comes out clean.
Let the cake cool in the pan for about 10 minutes, then transfer to a wire rack to cool completely.
In a small bowl, whisk together the powdered sugar, vanilla extract, coconut extract, and enough coconut milk for your desired glaze consistency.
Once the cake is cooled, drizzle the glaze over it and sprinkle with toasted coconut. Allow the glaze to set before slicing.
