In a large pot over medium-high heat, bring the rice, whole milk and coconut milk to a boil. Once boiling, lower the heat to low and place a lid on the pot.
Cook for 14 to 16 minutes, stirring occasionally, until the rice is cooked and tender.
Stir in the sweetened condensed milk, heavy cream, cinnamon and raisins, if desired. Cook over low heat, until the rice has thickened and the mixture is creamy, about 12 minutes.
Remove from the heat and stir in the shredded coconut. Let cool slightly and serve warm, or let cool completely and then chill to serve cold. Garnish with toasted coconut, if desired, and enjoy!