In a pot that has a tight fitting lid, add rice, olive oil, salt and saffron. Stir with a wooden spoon, heat for 2-3 minutes until a few rice grains begin to turn brown on the edges. You may want to add a few ounces of shredded coconut at this point.
Being careful to not cause and flare ups, pour the chicken broth and coconut milk into the rice. Stir to loosen any rice on the bottom or sides. Reduce heat to low and put lid on tight and cook for 13 minutes.
When 13 minutes is up turn off heat and leave cover on. Let covered rice set for 5 minutes. Remove lid after 5 minutes and fluff with fork.