Place corn husks in a bowl, cover with boiling water, and soak for 30 to 60 minutes. Drain, place on a work surface, and cover with a clean, damp towel.
Combine oranges and 1 1/4 cups sugar in a saucepan over low heat. Cook, stirring occasionally, until mixture starts to turn into jam, about 30 minutes. Remove from heat and let cool completely.
While jam is cooling, place lard in a large bowl, add 2 or 3 ice cubes, and beat with an electric mixer until soft and creamy. Beat in 1 1/4 cups sugar until well incorporated.
Combine masa dough and baking powder in a separate bowl. Knead together for a few minutes. Add masa to lard mixture. Mix in milk alternately with orange juice, beating continuously with the electric mixer. Mix in cooled jam, raisins, and almonds.
Select 1 wide corn husk or 2 small ones. Spread about 2 tablespoons masa mixture onto the corn husk, filling it up to 2 inches from the bottom and 1/4 inch from the top. Fold sides of husk together, one over the other. Fold the bottom of the husk over the seam of the 2 folded sides. Repeat with remaining husks.
Place a steamer insert into a saucepan and fill with water to just below the bottom of the steamer. Bring water to a boil. Add tamales with the open side up and cook until filling is heated through and separates from the husk, about 1 hour. Let tamales stand for 15 minutes before serving.