Rafa signifies raising the status and rank of a person and honouring him. When the Rafa of a man is spoken of as being towards God, the meaning is invariably his spiritual ascension, because God not being material or confined to any place, no physical ascension to Him is possible. The word has been used in the Quran in this sense:
This light is now lit in houses with regard to which Allah has ordained that they be 'Rafa' [exalted] and that His name be remembered in them.
Whoso desires honour, let him know that all honour belongs to Allah. Unto Him ascend good words, and as for righteous work He 'Rafa' [exalts] it
The raising of Jesus is mentioned in the verse under comment in reply to the false claim of the Jews that he died an accursed death on the Cross.