Soak rice in a bowl of water for about 20 minutes.
Put milk in a thick vessel for boiling on medium flame.
Add the rice, cardamom powder and bay leaves.
Keep stirring at intervals. Add saffron to the milk.
Let the milk continue to boil with the rice on medium flame for nearly an hour and till the quantity is reduced to half. The consistency will thicken and the rice must be cooked.
Add the condensed milk, the slivered almonds and raisins. Keep stirring regularly so the bottom doesn’t get burnt.
Condensed milk must be added 15 minutes before switching off the burner. Put into a serving bowl.
Garnish with a few slivered almonds and raisins. Refrigerate once it is cool. Serve chilled.