Heat the oil in a large saucepan. Add the onions and carrots and fry for 3 minutes. Add the garlic, red pepper and bay leaves and fry for 5 minutes until the vegetables are soft and well browned.
Stir in the paprika, tomato purée, coconut milk, tomatoes, stock and beans and bring to the boil. Reduce the heat and simmer, uncovered, for 15 minutes until the vegetables are tender.
Stir in the cashew nuts and coriander, season to taste with salt and pepper and heat through for 2 minutes. Serve with warmed grainy bread or boiled rice.