In a 2-quart saucepan, bring the water to a boil over medium-high heat.
Add the rice, reduce the heat to low, and simmer for 15 minutes, stirring occasionally.
Stir in the sugar, cardamom powder, cinnamon, chia seeds, flaxseeds, raisins, almonds, and coconut milk. Simmer for another 5 minutes.
Remove from heat and let cool for 15 minutes.
Serve warm or chilled, garnished with extra raisins, almonds and a sprinkle of cardamom.