In a small pan, toast the shredded coconut for 1-2 minutes over medium-high heat until the coconut shreds become toasted and golden brown. Remove from the heat and set aside.
MAKE ICE CREAM BASE:
Use an electric mixer to beat the chilled heavy cream in a large mixing bowl until stiff peaks form.
Stir in the condensed milk, coconut milk, vanilla extract, and ½ cup of the shredded toasted coconut into the whipped cream until combined.
CHILL ICE CREAM:
Remove the chilled loaf pan from the freezer and pour the coconut ice cream mixture into the loaf pan. Sprinkle the remaining tablespoon of coconut on top.
Place the loaf pan back into the freezer for 6-8 hours or until the ice cream is fully set.
SERVE:
When ready, scoop the ice cream into bowls or ice cream cones and serve. Enjoy!