Dry roast the semolina in a heavy bottomed pan over medium-low heat until it turns crisp, fragrant and golden brown, about 4 minutes. Transfer to plate and set aside.
Wipe the same pan with a clean kitchen napkin and add ghee, once it melts, add slivered almonds. When the almonds turn light brown, add the raisins, cook until the raisins turn plump and swell up.
Add the roasted semolina, cook for another 1-2 minutes, until you see some ghee being released from the semolina.
Add the milk and water along with saffron extract, and stir continuously as you pour the liquid to avoid any lump formation. Cook for another 2 minutes until the semolina absorbs all the liquid.
Add the sugar and give everything a quick stir. The sugar will melt and leave water. Keep stirring until the mixture begins to thicken.
Add cardamom powder, and mix well. The sheera/pudding is ready once the mixture comes together and ghee oozes from the sides of the pan. Serve warm garnished with additional dried fruits if desired. You can present this in two ways, either use a fancy mold or a plain bowl, fill the pudding, press it to make it compact, then invert it in the serving plate. Or simply serve it directly in a bowl.