Preheat oven at 350-degree Fahrenheit and prepare two 8-inch round cake pans by greasing them thoroughly. In a mixing bowl combine all the dry ingredients and mix it with a spoon very well. There should no be any lumps of baking soda. Keep it aside.
In a large mixing bowl mash banana and add ½ cup coconut cream (only white) in it. Beat it with a hand electric mixer at medium speed until its creamy and well mixed. (about 3 minutes).
Add rest of the wet ingredients to it and beat it again with the hand electric mixer at medium speed for 2-3 minutes.
Now, fold in dry ingredients into the wet ingredients and beat it again at low speed until a batter is formed. Then, fold the batter again manually with a spatula scraping from all sides. This will be a thick but soft batter and not pouring consistency.
Spoon it out equally in the two cake pans. Tap it very nicely so as to spread it evenly throughout. This may take about 1-2minutes. Place them in the middle rack of the oven and bake it for 25-30minutes or until the tester comes out clean. Let the top slightly brown but not too much. Do not exceed 30 minutes or else it will burn. Once done turn off the oven and take them out. Place them on a fat surface and let cool completely (about15 minutes).
In the meanwhile, combine all the frosting ingredients in a saucepan (except coconut extract). Whisk it very well until there are no lumps. Turn it on at high flame and keep stirring continuously until it starts to thicken. Remove from flame and add coconut extra to it. Whisk it vigorously until it thickens nicely and settles down in consistency. Place the pan in the refrigerate for quick cooling for 10 minutes. Once cooled whisk again to make it fluffy and ready to use it.
Now, invert one of the cakes pan on a flat surface. With the help of a butter knife cover the top of it with about 1 cup frosting.
Then, invert the second cake on the first one and cover the entire cake with the frosting. Then, with a cake smoother smoothen it by removing the extra frosting.
Lastly, cover the entire cake with defrosted shredded coconut. Slice and enjoy.