In a medium saucepan, combine the milk, heavy cream, and sugar. Heat over medium heat until the sugar is dissolved and the mixture is warm.
In a small bowl, mix the cornstarch with a few tablespoons of cold milk to create a slurry.
Gradually whisk the cornstarch slurry into the warm milk mixture. Continue to cook, stirring constantly, until the mixture thickens and starts to gently boil (about 5-7 minutes).
Remove from heat and stir in the rose water or orange blossom water if using.
Pour the mixture into individual serving dishes or cups. Allow to cool to room temperature, then refrigerate for at least 2 hours or until set.
In a small saucepan, combine the pomegranate juice, cornstarch, and sugar. Cook over medium heat, stirring constantly, until the mixture thickens and becomes syrupy (about 5 minutes).
Allow the pomegranate syrup to cool before using.
Once the Malabi has set, spoon a small amount of the pomegranate syrup over each serving.
Garnish with pomegranate seeds if desired.
Enjoy your meal!