Heat milk in a small saucepan until just hot to touch or a few bubbles form around the edge. Remove from heat and stir in margarine until melted; set aside.

Combine 2 1/4 cups flour, white sugar, yeast, and salt in a large bowl. Add milk mixture, water, and egg; beat well. Add remaining 1 cup flour, 1/2 cup at a time, stirring well after each addition.

Turn dough out onto a lightly floured surface and knead until smooth, about 5 minutes. Cover with a damp cloth and let rest for 10 minutes.

While dough is resting, mix together brown sugar, margarine, and cinnamon in a small bowl. Set aside.

Preheat the oven to 375°F (190°C). Grease a 12-cup muffin pan.

Roll dough out on a lightly floured surface into a 12x9-inch rectangle. Spread the brown sugar mixture over dough; sprinkle with raisins.

Roll up dough and pinch seam to seal. Cut into 12 equal rolls.

Place cut-side up in the prepared muffin cups. Cover and let rise until doubled, about 30 minutes.