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Place of the 3/4 cup coconut milk, 1 1/4 cups water, 1/4 teaspoon salt and rice in a medium saucepan and bring to a boil. Reduce heat to low. Cover and simmer until liquid is absorbed, about 20 minutes.
Meanwhile, in a large high-sided skillet, heat coconut oil over medium-high heat until melted and hot. Add onion, bell pepper and garlic and cook until tender, about 10 minutes, stirring occasionally. Stir in allspice, cinnamon, cayenne and remaining 1/2 teaspoon salt and cook until fragrant, about 1 minute, stirring constantly. Add beans, remaining coconut milk and 1/2 cup water and bring to a simmer over medium-high heat. Reduce heat to medium and simmer until thickened and heated through, about 8 minutes, stirring occasionally. Remove from heat and stir in coconut rice and thyme.