Rinse the rice until the water runs clear. Put the rice in a medium saucepan with the water, cinnamon stick, cloves, bay leaves, saffron, and salt. Bring to a boil, reduce the heat to low, and cook, covered, for 15 minutes. Remove from the heat and let sit, without removing the lid, for 10 minutes. With a fork, gently stir in the butter, cashews, and raisins.