Wash the rice in cool water until the water runs clear. Put the rice in 2 cups of cool water to soak for 20 minutes.
Strain the rice and put the remaining water into saucepan and heat. Leave rice to dry in strainer. Preheat oven to 350°F.
While rice is drying, dice carrots and onions and set aside. Mix bay leaf, cinnamon stick, cloves, peppercorns, and cumin. When rice is dry, heat oil over medium-high flame in heavy, ovenproof skillet or casserole dish. Add spices.
When spices become fragrant, add butter and onions. Cook until onions are tender and light golden brown. Add carrots, and cook for 3 to 5 minutes. Add rice, and cook, stirring very gently for 5 minutes. Add salt and heated water, bringing it to a boil. Reduce heat, and simmer until water on top of rice has boiled off.
Cover tightly and cook in oven for 20 minutes at 350°F. Remove from oven and let stand for 10 minutes. Serve.