1. Place rack in center of oven. Preheat oven to 350 degrees. In a large bowl, stir together cake flour, 1 cup granulated sugar, baking powder, salt and coconut until combined.
Give coconut milk a good shake and open the can. In a bowl, whisk together 1 cup of the coconut milk with the coconut cream, 8 egg yolks and the vanilla.
2. Using an electric mixer fitted with whisk attachment, beat egg whites on medium speed until frothy, 1-2 minutes. Slowly add remaining sugar (1c) to egg whites. Continue to whisk until egg whites are a bit glossy and hold a soft peak when you raise whisk, 2-3 minutes more.
3. Make a well in center of dry ingredients, then pour coconut-milk mixture into well. Use a rubber spatula to stir until well combined. Add a few large spoonfuls of beaten egg whites to the batter and fold in using a rubber spatula. This will “loosen” the batter and make it easier to fold in the remaining whites and keep the cake very lofty. Add remaining egg whites and fold in gently until well combined.
4. Use a rubber spatula to scrape batter into a 10-inch ungreased tube pan with a removable bottom. Bake cake until it is pale golden and springs back when you poke it at the center, 45 minutes. Remove from oven and let cool in pan, upside down, on a wire rack supported by the inner tube. When cake is cool, run a knife around sides to slip off pan, then along tube and bottom to loosen cake. Quickly invert onto a plate and then flip it right-side up onto a serving plate
5. Make glaze: In a bowl, whisk together the confectioner’s sugar, a pinch of salt, the coconut milk and coconut rum to a somewhat thick, but pourable consistency.
6. Spoon glaze over top and sides of cake, allowing extra to drip off. Sprinkle with toasted coconut and serve.
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