Having abolished in his flesh the enmity, even the law of commandments contained in ordinances; for to make in himself of twain one new man, so making peace;
Ephesians 2:15
Some have proposed a sort of “replacement theology” whereby the church replaces Israel in all of the covenant promises. Nothing could be further from the truth, yet resemble it so closely.
Israel has never been replaced, for, in fact, the church is Israel. Israel is the root, and the true children of Abraham, those of the faith of Abraham, are of that tree.
Some branches of that olive tree were broken off so that Gentiles could be grafted in. As Paul wrote, God has removed the division, and in himself has made “one new man”.
This is significant, because it is on this basis that the church owns the promises of Abraham, for they are of the seed or the faith of Abraham. Because they are grafted into that vine, they have replaced it, only some of the branches of that vine have replaced some of the broken off branches of the original.
While God has an ultimate destiny for national Israel, and Paul said that all of Israel would be saved in Romans 11, it is clear that the “one new man” of the church is to possess the promises of Abraham, the promises of faith.