Add the pudding mix and skim milk to a medium mixing bowl. Whisk together for 2 minutes.
Stir in the coconut extract and 1/4 cup of the coconut flakes. Let the pudding sit for 5 minutes.
Heat a frying pan over medium heat and add 2 tablespoons of coconut flakes. Stir often until the coconut is golden and toasted. Pour the coconut flakes onto a small plate to cool.
Add the Cool Whip to the pudding mixture and fold it in. Pour it into the pie crust, cover, and refrigerate for at least 2 hours.
Once you're ready to serve the pie, top it with the toasted coconut.