Combine raisins and rum (or rum extract and water) in a small bowl; let soak 15 minutes. In a large saucepan over high heat, combine 3 cups water, rice, cinnamon stick and vanilla. Heat to a boil. Reduce heat to medium low; simmer, covered, until rice is tender and most of the liquid is absorbed, 20 minutes.
Stir in condensed and coconut milks. Add raisins and their liquid. Simmer, covered, until rice is very soft, 10 minutes. Stir in brown sugar, orange and lemon zest, and salt. Cook 5 minutes. Add more sugar if desired.
Cool pudding to room temperature. Discard cinnamon stick. Spoon into serving bowls or martini glasses. Refrigerate until cold. To serve, garnish with toasted coconut.
Nutrition information per serving:
Calories309Fat6 gSodium68 mg