Heat butter in large, heavy saucepan over medium heat. Add shallots; cook and stir until softened and translucent, about 3 minutes. Pour in rice, garlic, salt, turmeric, coriander, cumin, and bay leaves. Continue to cook and stir for 3 minutes. Add chicken broth and bring to a boil. Reduce heat to low, cover, and cook until broth is absorbed and rice is tender, 20 to 25 minutes.

Remove from heat. Discard bay leaves. Transfer to a bowl.