Preheat oven to 375 degrees. In a large saucepan, combine milk, sugar, honey, cardamom, and a pinch of salt; bring to a boil over medium-high. Add rice and stir. Partially cover, reduce heat to low, and cook, stirring occasionally, until rice is tender, 30 to 35 minutes.
Transfer rice to a bowl and stir in raisins. Cover with plastic, and refrigerate until cold, at least 2 hours.
Spread coconut and almonds on a rimmed baking sheet and bake, tossing occasionally, until coconut is golden, 4 to 6 minutes; set aside to cool. Grind nuts and coconut in a food processor until very finely ground; set aside.
Using level tablespoons, form rice mixture into balls (you should get about 24) and roll in coconut mixture. Place on a rimmed baking sheet and refrigerate until firm, at least 1 hour or covered, up to 2 days.