Place the rice in a fine-mesh sieve and rinse under cold running water until the water runs clear. This helps to remove excess starch and prevents the rice from becoming sticky. Drain well and set aside.
In a small bowl, add the saffron threads and pour 2 tablespoons of hot water over them. Let it steep for about 10 minutes to release the vibrant color and aroma. Set aside.
In a large skillet or saucepan, heat the butter or olive oil over medium heat. Add the chopped onion and cook, stirring occasionally, for 5-7 minutes, or until soft and translucent. Add the minced garlic and cook for another 30 seconds to 1 minute, or until fragrant.
Add the drained rice to the skillet and toast stirring constantly, for 2-3 minutes, until the rice is lightly toasted and coated with the butter or oil. Add the cumin, turmeric, salt, black pepper and stir to coat the rice evenly with the spices.
Pour the chicken or vegetable broth into the skillet along with the soaked saffron (including the liquid) and stir to combine. Bring the mixture to a boil, then reduce the heat to low and cover the skillet. Allow the rice to simmer gently for about 18-20 minutes or until the liquid is absorbed and the rice is tender.
Once the rice is cooked, add the frozen peas, diced carrots, and raisins to the skillet. Stir gently to combine all the ingredients. Cover the skillet again and let it simmer for an additional 5 minutes or until the peas and carrots are tender.
When the rice is cooked, remove the skillet from the heat and let it stand, covered, for 5 minutes. Then, using a fork, gently fluff the rice to separate the grains. Garnish with fresh parsley or cilantro if desired.
Serve immediately. Enjoy!