Heat oil or ghee in a pan and toast the bread both sides on the skillet over medium heat until bread is toasted to a golden brown color and crispy. Set aside.
In a heavy bottomed pan, boil milk by adding milk powder and condensed milk over medium heat.
Cook it for 5-10 minutes until it starts thickening. Add sugar and cardamom powder. Boil for about 3 more minutes, stirring occasionally. Turn off the heat.
The final step is assembling. Take a serving bowl and pour half of the milk mixture. Arrange the toasted bread slices on top of it and pour remaining malai all over the top. Garnish with chopped almonds and serve immediately!!