Preheat oven to 160°C. Grease a shallow dish.

Combine the milk, cream, sugar and extract in a medium saucepan; bring to the boil. Whisk the eggs in a large bowl. Whisking constantly, gradually add the hot milk mixture to the egg mixture.

Trim the crusts from bread. Spread each slice with butter; cut into four triangles. Layer the bread, overlapping, in the dish; sprinkle with raisins. Pour the boiled milk mixture over the bread.

Bake for about 45 minutes or until the pudding is set. Remove pudding from baking dish; stand for 5 minutes before serving. Serve dusted with sifted icing sugar, if desired.