Preheat oven to 350 degrees. Lay 3 cups of shredded coconut on a parchment paper lined baking sheet. Toast coconut until browned, watching carefully, about 10-12 minutes, stirring it around once to ensure overall toastiness. Remove from oven, let cool.
In a medium pot on medium heat, combine heavy cream and coconut milk until warmed and steam is rising, hot enough to steep the toasted coconut.
Remove pot from heat and set aside. Add 2 cups of toasted coconut, stir and let steep for 1 hour. Reserve 1 cup of toasted coconut for topping your ice cream later!
Come on back to your coconut milk party mixture. Strain mixture into a medium sized bowl, removing soggy toasted coconut.
Reheat coconut milk mixture in your medium pot. Slowly add the contents of one can of sweetened condensed milk and a pinch of salt until combined. Once combined, remove from heat, pour into bowl for chilling.
Chill mixture for 1 hour in freezer or 3-4 hours in fridge until well-chilled!
Pour into ice cream machine and churn it up for 25-30 minutes!
Scoop a lovely bunch of it into an ice cream bowl, top with toasted coconut and enjoy!
Note: texture will be quite soft (about the texture of soft serve ice cream). Scoop it into a container and harden it a bit in the freezer first before serving, or enjoy straight away.