In a large bowl, combine the cold heavy cream, powdered sugar, and vanilla extract. Whip the mixture until it doubles in volume and stiff peaks form.

In another bowl, mix together the cold coconut milk, sweetened condensed milk, and coconut extract until fully combined.

Take a couple of scoops of the whipped cream and fold it into the coconut milk mixture gently.

In two batches, fold the coconut milk mixture into the remaining whipped cream using a spatula, folding gradually and gently.

Pour the finished mixture into a rectangular shallow container. Place a piece of cling wrap or baking paper on the surface.

Cover the container tightly and freeze the ice cream for at least 8 hours or preferably overnight.

Before serving, let the ice cream rest at room temperature for about 5 minutes to soften slightly. Optionally, top with toasted shredded coconut flakes.