Place rice in a medium bowl. Add cold water to cover rice by at least 1 inch. Let stand 20 minutes. Drain rice in a fine wire-mesh strainer, and rinse under cold water until water runs mostly clear, 30 seconds to 1 minute. Let rice drain completely, about 30 seconds. Set aside.

Heat oil in a 4-quart saucepan over medium until shimmering. Add cumin seeds, cardamom pods, and bay leaf; cook, stirring often, until fragrant and sizzling, about 1 minute. Add drained rice; cook, stirring constantly, for 1 minute. Stir in 2 1/4 cups water, preserved lemon, and salt; bring to a boil over medium-high. Cover saucepan with a tight-fitting lid, and reduce heat to low. Cook, covered, 12 minutes. Remove from heat; let steam, covered, 10 minutes. Uncover, and fluff rice using a fork. Serve.