Manama:SITR Compliance Technology W.L.L. (SITR), a regulatory technology startup, has commenced operations in Bahrain to offer Shariah compliance monitoring solutions to Islamic financial institutions.
According to Bahrain News Agency, the announcement was made during Gateway Gulf 2026, organized by the Bahrain Economic Development Board (Bahrain EDB). SITR received support from Bahrain EDB in establishing its operations in the kingdom.
SITR's platform is designed to monitor executed transactions in accordance with the rulings of financial institutions' Shariah Supervisory Boards. The system aims to assist internal Shariah audit teams by identifying potential compliance issues, such as documentation gaps and transaction execution discrepancies.
The platform integrates with existing banking systems through read-only connections and processes contracts and supporting documents, including scanned files, without affecting transaction processing. Developed with reference to the Central Bank of Bahrain's Shariah governance requirements and AAOIFI standards, the platform aligns with ISO/IEC 27001 information security practices.
During development, SITR engaged with Shariah audit and compliance teams at Islamic financial institutions in Bahrain. Its clients include Islamic banks, investment funds, and other Shariah-compliant financial institutions. CEO Yousuf Tyabji emphasized the company's goal to move towards continuous Shariah compliance monitoring, supported by Bahrain's established Islamic finance sector and the Bahrain EDB.
Musab Abdullah from Bahrain EDB highlighted that SITR's headquarters in Bahrain reflects the kingdom's favorable regulatory framework. SITR plans to serve financial institutions in Bahrain and other GCC countries and intends to recruit Bahraini professionals as its operations grow. The company is registered with the Ministry of Industry and Commerce and is finalizing its commercial licensing.