Add and combine the first four ingredients to the slow cooker. Add banana slices, toss gently to coat with honey mixture. Cover and cook on low 1 1/2 to 2 hours. Add rum extract to bananas and stir to combine. Minimum slow cooker size: 4 quarts.
Stovetop Method: Combine the first 4 ingredients in a medium saucepan. Add banana slices, toss gently to coat with honey mixture, cover and cook on low heat for approximately 30 minutes, or until heated through and bananas are soft but not falling apart. Add rum extract and stir to combine. Enjoy alone or over favorite desserts.