The ability to rotate an image around a point is not available directly in MATLAB.
However, to work around this issue, rotating an image around a point is possible by first zero-padding the image (calculating how many rows and columns to pad to create a "virtual center"), rotating around its center (using "imrotate"), and then cropping to remove the initial padding ("un-pad" the image).
Download this file and add it to MATLAB's path before use. The provided example in the function's help documentation works fine:
imshow(rotateAround(imread('eight.tif'), 1, 1, 10));