Soften the saffron threads in the hot milk; set aside. Heat oil over medium heat. Reduce heat to medium-low and stir in the semolina. Cook until toasted and light brown, stirring constantly.

Bring the milk to a boil in a separate saucepan. Turn heat to medium-low and stir in the semolina and banana; cover and cook for 1 minute. Stir in the sugar, cover and cook for an additional minute.

Meanwhile, in a separate pan, heat ghee over medium-high heat. Add cashews and raisins; cook until the raisins puff. Pour the raisins into the semolina, mix well, and cook covered for another minute.