Dry roast rice in a Dutch oven until golden brown. Set aside.

Melt butter in the same pan. Fry the cashews and raisins in the butter until nuts are golden and the raisins are puffed. Add the roasted rice. Add the 2 cups milk and 1 cup water. Bring to a boil. Lower heat, cover pan partially and allow to simmer until the rice is overdone and soft. (Add up to 1 more cup of water as necessary). Add the condensed milk and sugar to the rice. Sprinkle the saffron and cardamom on top and serve warm.