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1. Add the water and coconut milk to the rice in a pot and cook on medium heat covered, until most of the liquid has been absorbed. This will take about 20 minutes.

2. To make the caramel, mix the brown sugar and the coconut milk together and let it thicken and brown in colour. Reserve half of the caramel for the top. 

3. Mix half of the caramel sauce with the cooked rice and cook over medium heat until the mixture thickens.

4. Spread the rice mixture on a pan lined with banana leaf or parchment paper. Top with the remaining caramel sauce.

5. Bake at 350F for 20-25 minutes. Let cool for 30 minutes before serving.