Preheat the oven to 180˚C. In a bowl mix the flour and the cinnamon.
Beat the oil and the sugar in a bowl with a mixer until the mixture turns white.
Add the orange juice, the water, the lemon zest mixing all the while. Add the walnuts and the raisins. Gradually add the flour and mix until you come up with a soft dough.
Brush with oil a medium-size rectangular baking dish whose sides are approximately 28 -30cm. Pour the batter into the baking dish and bake at 180° C for 30-40', or until a toothpick inserted comes out clean. Let the fanouropita cool, dust it (optional) with icing sugar and serve.