Preheat your oven to 350°F (175°C) and grease an 8x8-inch baking dish with butter or cooking spray.

In a medium saucepan, bring 1½ cups of water to a boil, then add ¾ cup of short-grain or arborio rice. Cover and reduce heat to simmer for 10-12 minutes until tender.

In a large bowl, whisk together 1 cup of whole milk, 1 can of sweetened condensed milk, 1 teaspoon of vanilla extract, ½ teaspoon of ground cinnamon, a pinch of salt, and nutmeg to taste. In a separate bowl, lightly beat 2 eggs and gradually add to the milk mixture.

Spread the cooked rice in the greased baking dish, sprinkle with raisins, and pour the custard mixture over it, stirring lightly to combine.

Place the baking dish in a larger pan and fill the outer pan with hot water for a water bath, ensuring no water enters the pudding.

Bake for 45-55 minutes until the top is golden and the center is slightly jiggly.

Cool for 10-15 minutes before serving warm or chill in the refrigerator.