Place the beans and 4 cups of cold water in a 4-quart pot. Cover, bring to a boil, turn off the heat, and allow to stand for 1 hour. Drain and return the beans to the pot.
Add coconut milk, scallions, jalapeno, garlic, thyme and 1 cup cold water. Cover and simmer for 30 minutes until the beans are just tender.
Add the rice, salt and pepper to the pot, along with the last two cups cold water. Cover, bring to a boil, and reduce heat to low. Simmer 15 minuets until liquid is absorbed. Add more salt and pepper if desired. Pass shredded coconut at the table.