"Rafi" (رافع) means "the one who raises or elevates." It is one of the names of Allah the Almighty; however, it is not among those names that are exclusive to Allah alone. Rather, just as this name is used for Allah, it is also used for others. For this reason, both "Abd al-Rafi" (عبد الرافع) and "Muhammad Rafi" (محمد رافع) are acceptable names to use. As for pronunciation, Rafi is said with a fatha on ر and a kasrah under ف.
Allah the Almighty knows best.
Darul Ifta Al-Ikhlas, Karachi.
القاموس الجدید: (ص: 532، ط: ادارہ اسلامیات)