An administrative court on Thursday ordered the auctioning of Al-Wefaq's assets to be held on October 26, the source said.
The group's dissolution in July drew strong criticism from UN chief Ban Ki-moon and Bahrain's allies in Washington and London, as well as Shiite-dominated Iran which Manama accuses of meddling in its affairs.
After the latest court decision, security forces seized Al-Wefaq's assets including its headquarters outside Manama and two other offices in Shiite villages, the source said.
Al-Wefaq's leader, Sheikh Ali Salman, has been behind bars since December 2014 on charges of inciting hatred and calling for forceful regime change.
Also Read
But on Monday Bahrain's cassation court overturned his nine-year jail sentence and ordered a retrial.
Al-Wefaq was the largest group in parliament before its lawmakers resigned en masse in protest at the crushing of Arab Spring-inspired demonstrations in 2011 calling for an elected government.
Also known as the Islamic National Accord Association, Al-Wefaq is heir to the Bahrain Freedom Movement which played a key role in Shiite-led protests in the 1990s that sought the restoration of the elected parliament scrapped in 1975.
Disclaimer: No Business Standard Journalist was involved in creation of this content