Rinse rice in the colander with cold water.
Sautee chopped onion in extra virgin olive oil, set aside
Bring 4 cups of water to a boil in a 5 quart nonstick pot, then add rice, fava beans and salt and stir. Bring mixture back to a boil and continue to boil until water is fully absorbed (8-10 minutes).
While the rice is cooking, crush the saffron threads in small bowl. Pour a 1/2 cup of hot water onto the crushed saffron and let it soak.
Once rice is cooked, pour the mixture into a colander and stir in the dill and sauteed onions. Rinse and dry the 5 quart pot and put back on the stove.
In a separate medium mixing bowl, stir together 1/2 cup of vegetable oil, half of the saffron water, and 2 cups of the cooked rice. Add this mixture to the empty pot.
Add the remaining rice mixture in the colander back to the pot.
Mix the remaining half of the saffron water with 1/4 cup of vegetable oil, then pour evenly over the rice.
Cover the pot and put on medium heat for 8 minutes. Uncover and reduce heat to very low. Cook for another 30 minutes to form a nice crispy crust.
Can serve one of two ways:Place your serving platter over the uncovered pot and in one sharp movement flip the pot over so that the rice comes out onto the platter in a cake-like form (see picture). ORScoop out the soft rice from the pot into a serving platter. Then, break up the hakaka at the bottom of the pot and place on serving platter around the soft rice.