Place the beans and 1¼cups of water in a medium pot over medium-low heat. Cover and simmer for 45 minutes, or until the beans have softened and absorbed most of the water; reduce the heat if the water is evaporating too fast. Drain and set aside.
In another medium pot place the coconut milk and bring to a simmer. Add the rice, salt and drained beans. Simmer uncovered over medium heat for 5 to 7 minutes or until you see the rice very close to the surface of the liquid.
Reduce the heat to low, cover and cook for 20 minutes.