Add milk and sugar to a small pan. Set on medium heat. Stir to dissolve sugar.

Mix cornstarch and water in a separate bowl. Once the milk boils, turn the heat to low and add the cornstarch mixture. Stir to mix in the cornstarch. Simmer for 3-5 minutes until it has the consistency of cake batter. Stir often. Don’t worry if there are small cornstarch clumps, but try to mix them out.

Remove from heat and add the rosewater and heavy cream. Whisk well to remove any clumps.

Spoon into small cups and place in the refrigerator for several hours, or overnight.

For the syrup (which is insanely delicious), add the sugar, pomegranate juice and rosewater to a small pan. Set to medium heat, stirring to dissolve the sugar. Let it bubble for 3 minutes. Allow syrup to come to room temperature before serving.

Garnish the malabi by pouring some syrup, then shredded coconut and pistachios (or peanuts/walnuts).