Place all the ingredients for the meatball in a bowl and combine well with a rubber spatula (or knead the mixture with your hands). Scoop a tiny portion and fry in a small pan to make sure the season is just right. Chill the mixture for at least 30 minutes, preferably 2 hours.
Have a small bowl of water nearby, wet your hands, and form ½-inch balls. Reserve on a plate until ready to poach.
In a large deep skillet, broad saucepan over low-medium heat, warm the olive oil and cook the onions until soft and translucent, about 6 minutes. Add the bay leaf, ginger, saffron, cumin, paprika, turmeric, salt and pepper, and cook, stirring frequently with a wooden spoon until spices become fragrant. Add about 1½ cup hot water and bring to a boil.
Add the meatballs and poach them in the sauce, over low heat, covered, for 20 minutes, checking and stirring halfway through. Add more water if necessary.
Finish with the lime juice, parsley, and cilantro and stir carefully. Transfer to a serving plate with all the sauce.