1. In a pan over medium-high heat, mix 1 1/2 cups water, rice and cinnamon stick. Bring to a boil, reduce heat to low and cover. Cook until water is absorbed, about 10 minutes. Remove from heat; let stand 5 minutes. Discard cinnamon.
2. In a pan, warm milk until bubbles just form around edges (do not boil). Remove from heat; add tea bags. Let steep 10 minutes. Remove tea bags and discard. Add rice and raisins; simmer for 10 minutes.
3. In a bowl, whisk eggs, sugar and salt until pale yellow. Slowly pour egg mixture into milk mixture, whisking constantly. Cook over medium-low heat until liquid thickens (do not allow to boil), 2 to 3 minutes. Remove from heat; stir in vanilla. Pour into a bowl; let cool briefly. Cover and chill until cold, about 1 hour.
4. In a bowl, with an electric mixer on high speed, whip cream until soft peaks form. Fold whipped cream into rice mixture. Spoon into 6 dessert bowls. Cover and chill for at least 2 hours. Sprinkle with pistachios just before serving.