Soak the rice in 3 cups of water for 30 minutes. Strain out the water and set aside the rice.
Put remaining 4 cups of water and 1 cinnamon stick in a saucepan over medium-high heat. When it starts boiling, remove the cinnamon stick and add the rice to the pan. Return it to a boil and cook, uncovered, about 15 minutes or until rice is tender.
Strain out the liquid and put the rice back in the saucepan. Add the whole milk, condensed milk, salt and vanilla, and cook over medium-high heat until it returns to a boil. Reduce heat to low and cook, stirring frequently, about 20 minutes or until the mixture is thick.
Remove the rice pudding from the heat, stir in the raisins, and scoop it into serving dishes. Garnish with additional cinammon sticks if wanted.