In a large saucepan over medium‑high heat, combine rice, whole milk, and coconut milk. Bring to a gentle boil.

Reduce heat to low, cover, and simmer for 14–16 minutes, stirring occasionally, until rice is tender and most liquid is absorbed.

Stir in sweetened condensed milk, heavy cream, cinnamon, and raisins (if using). Continue cooking uncovered on low heat, stirring, until mixture is thick and creamy, about 12 minutes.

Remove from heat and fold in shredded coconut.

Serve warm or let cool completely and chill before serving. Garnish with toasted coconut if desired.