Pour the milk and cream into a saucepan. In a small jug whisk the cornflour with a little bit of water and add to the milk along with the honey and whisk to combine.
Place the saucepan over a medium heat and bring the mixture to a simmer, whisking constantly.
Add the rose water and leave simmering while whisking until the mixture thickens.
Pour the muhalabia into individual cups and chill in the fridge for at least an hour.
Garnish with the whipped cream, pistachios and almonds before serving.