Spray interior of two quart lidded casserole dish with cooking spray. Add rice.
I use a full quart box of the soy-free, dairy-free coconut milk that has 70 calories per cup. If using the full fat, canned coconut milk, omit the coconut oil.
Bring coconut milk, water, coconut oil, sugar and salt to a rolling boil in a saucepan.
Pour hot liquid over rice and immediately cover; if your casserole dish has no lid, use foil sealed tightly.
Bake for 40 minutes or until rice absorbs all liquid. Fluff rice immediately: cooked rice will stay warm in casserole dish for at least half an hour, and can be reheated in the microwave if necessary. Serve with a sprinkle of toasted coconut on top if desired.