Rinse the basmati rice in a strainer until the water runs clear.

Soak the rinsed rice in fresh water in a bowl.

Add saffron threads to hot coconut milk (or hot water) and set aside to infuse.

Heat vegetable oil in a large non-stick saucepan until it shimmers.

Add cumin seeds, cinnamon stick, cloves, cardamom pods, and bay leaf to the hot oil.

Cook the spices until fragrant, about 30 seconds.

Add sliced onions and sauté until they soften and turn golden, about 4-6 minutes.

Add chopped almonds and raisins and cook for another 2 minutes.

Drain the soaked rice.

Add the drained rice to the pan with the aromatics and stir for 1-2 minutes until it appears opaque.

Add the saffron-infused milk (or water), water, chopped dried figs, and salt to the pan.

Bring the mixture to a boil for 2-3 minutes.

Reduce the heat to a simmer, cover the pan, and cook for 7-8 minutes.

Check if the rice is cooked through. If not, recover and cook for an additional 1-2 minutes.

Season with fresh ground black pepper.

Add chopped walnuts or pistachios to the cooked rice.

Fluff the rice with a fork as you stir in the nuts.

Let the pilaf stand for 4 minutes to absorb any remaining liquid.

Serve hot.