Did you read my interpretation of the problem? In that interpretation ##mg \sin(\theta)## is the centripetal force! It is just with a different centre than the one you are thinking of.I was thinking of a spherical pendulum, i.e., letting the pendulum swing in both directions and not only in a plane, as there is nothing in the OP that restricts the motion to a plane. For small angles, the curvature of the sphere that the pendulum is restricted to is well approximated by a flat surface and the restoring force within this plane is ##mg \sin(\theta)## directed towards the centre.
You can also see this by deriving the full equations of motion for the spherical pendulum and linearising them around ##\theta = 0##. You will find a linearised system equivalent to a two-dimensional centripetal problem with a centripetal force ##mg \theta = mgr/\ell##, where ##r## is the distance from the low point and ##\ell## is the length of the pendulum.