Combine boiling water and sweetened condensed milk. Stir until blended. Pour over rolled oats. Allow to stand 1 hour.
Soften yeast in lukewarm water. Add cooking oil, syrup, salt, flour and the moistened oat mixture. Beat thoroughly.
Cover with a cloth and allow to rise until double in bulk, then beat thoroughly again. Pour into a well-oiled pan. Cover and let rise until double in bulk again.
Preheat oven to 375°F.
Bake for about 45 minutes or until the loaf is golden brown and the bread sounds hollow when you tap it.