Simmer milk rice: Rinse a larger saucepan with cold water, but don't dry it. Combine rice, water, milk, and a pinch of salt in the pot. Bring to a very gentle boil, lower the heat, and simmer, covered, for about 15 minutes, stirring a few times in between.1 cup rice + 2 cups water + 2 cups milk + pinch of salt
Add sweetened condensed milk, raisins, cinnamon, and nutmeg. Stir to combine. Continue simmering, uncovered, for about 10 minutes, stirring often. Check if the rice is tender after 5-7 minutes already; the cooking time also depends on the sort of rice you are using. The rice should be soft and creamy, but not mushy.¾ cup sweetened condensed milk+ ½ cup raisins + ½ teaspoon cinnamon + a few gratings of nutmeg
Stir in the vanilla extract.1 tablespoon vanilla extract
Let stand, covered, for 10 minutes before serving.
Notes
Type of rice: White rice, either long or medium-grain. Arborio, Basmati, or Jasmin are also good choices. Using instant or quick-cook rice is not recommended.