I'm leaning towards a Covenantal understanding myself. The pastor of the church I attend regularly is a graduate of the Master's Seminary. The church's position is somewhere in between Covenantal and Dispensational. I've heard it referred to as leaky dispensationalism.
I don't see a distinction made in the Bible between the church and Israel (Messianic believers). I believe we are all baptized into one body, Christ being the head of the body. One Lord, one faith, one baptism, as the Scriptures indicate.
However, I definitely see a disconnect of the church and national Israel (those who reject Christ as Messiah). God definitely has future plans to restore that nation, but as of now, they are in opposition to Christ. I definitely disagree with these groups who are working closely with the nation of Israel now, at least in how they are doing it. Ministries like John Hagee, for instance, are not using the opportunity to preach the gospel to them, but to find out how they are similar and how they can work together.
But, yeah, I am leaning towards a Covenantal position. Galatians 3:29 (I believe) tells us that if we be Christ's, then we are Abraham's seed and heirs according to the promise. So, that tells me that we are entitled to the same benefits of the same Covenant that God made with Abraham's descendants.
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It's true that doctrine divides. It's also true that love unifies. The unity we have in the faith is rooted and grounded in truth and love. Remove truth (right theology and doctrine) from the mix and you have less than Biblical unity. Remove love and you have no unity. Love causes us to seek truth and share that truth with others so that we become more unified. God is truth, and as we are more acquainted with His truth, the closer we are to Him, and the closer we become to each other