In a large pot, bring water to a boil. Turn off the heat, add the shrimp and cover. Leave the shrimp in the hot water for 1 minute, drain and set aside.
In a large saucepan over medium heat, melt the butter and vegetable oil. Add the onions, tomato, red pepper, garlic, ground cumin, salt and pepper. Cook about 10 minutes, stirring occasionally.
Add the coconut milk to the saucepan, bring the sauce to a simmer and then reduce the heat to medium low. Add the shrimp and cook in the sauce for 5 minutes, Remove from the heat and add the chopped parsley and chopped cilantro. Add salt and pepper if necessary and discard bay leaf.
Serve each portion in a bowl with rice.