Preheat oven to 450 degrees. Toast coconut for 6 to 8 minutes, being careful not to burn. Set aside to cool.
Combine condensed milk, coconut oil, coconut rum and coconut extract in large bowl. Add toasted coconut and mix well.
In another container, whip cream until peaks form, being careful not to over whip (and make butter). Ad 1/2 of cream to milk mixture and mix well to lighten.
Fold remaining cream into milk mixture, combining thoroughly. Freeze in covered container for at least 6 hours. Ice cream should be fairly easy to serve after freezing, but let sit out for 5 minutes to soften as necessary.