Wash the rice well and soak for half an hour in enough water to cover it fully.
Put the milk, condensed milk and sugar in a deep, thick-bottomed pan and boil. When the milk comes to a boil, add the rice and simmer. Cook till the milk thickens and reduces to half its original volume.
Add the almonds, raisins, and cardamom and cook for 5 more minutes.
Turn off the cooktop and add the saffron. Stir well.