In a medium heavy bottom pan, combine the rice and 1 cup of water. Bring to a boil, lower the heat, cover the pot and simmer for 10 minutes or until most of the water has evaporated.
While the rice is cooking, whisk together milk, sugar, corn starch and rose water. Make sure that the corn starch mixes well without any lumps.
Add the milk to the rice and stir well. Bring the mixture to a boil, simmer stirring occasionally. Cook till the mixture thickens and rice is completely cooked through.
Divide the pudding between the serving bowls, cover the top with plastic wrap and chill at least 2~3 hours before serving.
Sprinkle with chopped pistachios and dried rose petals and serve.