I do not intend at this time to write at length or pull together scores of verse references. Yet, I consider it worthwhile to sum up my views in comparison to Classic Dispensationalism, and in contrast to Replacement Theology, as they relate to the identity of the Church and to National Israel. For lack of education, I know of no other name to call my perspective than one of my own invention, Grafted Kingdom Theology. So far as I know, I am in the tiny minority. This gives equally strong reason both to suggest that I am wrong, or that I am right. Time will certainly tell. The view is as follows.
I believe that pertaining to actual salvation, there is only one elect people of God throughout time, according to grace through faith: this people includes Able, Enoch, and Joseph; to Moses, David, and Peter, even unto Paul, Luke, and the believers of today. All of these were saved by nothing other than grace through faith in God's atonement, fulfilled in Christ - for "no man cometh to the Father but by me," and "through works of the Law shall no man be justified in My sight."
Throughout history, however, God has made various covenants with mankind in order to administer His laws and dispense the means of grace or justice. These divine covenants established the visible kingdoms or administrations on earth, generally including a portion of unbelievers as well as containing the remnant within which His faithful people resided.
The Abrahamic Covenant promised God's favor towards Abraham's seed. This was a two-fold promise. It was fulfilled physically in the Mosaic Covenant, or Sinaitic Covenant, with ethnic Jews during the Old Covenant Kingdom. Under the New Covenant, the unbelieving ethnic Jews, as a body yet not entirely, were "broken off" like a branch for a season. The age of the civil rule and an earthly state of God's people was transfered into the age of invisible rule through the Spirit and the Word, until all things should be restored to Christ's direct authority on earth.
During this transfer of covenant kingdoms, Old to New, the believing Jews received keys to a new form of covenant administration - the Church - which keys were used for opening the way for Gentiles to be grafted in to the household of faith, of which Abraham is called the father. This New Covenant kingdom entitles the Church to no physical ground, but promises the restoration of all the earth into the possession of Christ's heirs when He returns.
The scripture promises that ethnic Israel, whose identity is yet known by God, will one day, by His grace, be "grafted back in" to the household of faith in great numbers, and it is at this time that they and all believers will receive not only the physical land of Israel under the rule of Christ, but of all the earth which will be subdued to His authority. This global inheritance, given to "Jews first, and also to gentiles" of course includes the physical location of the Israeli state.
And so, in this way, I believe that the Israel according to faith was never replaced by Gentiles, but was joined by them. Nor do I believe that the civil rule of God over the land of Israel though ethnic Jews is forever abolished, but will be granted to believing Jews together with the engrafted gentiles at the return of Christ upon the whole earth. This physical restoration will not be to enforce the rule as it was given under Moses, but as it was promised to Abraham.
The next step is demonstrating all of this with scripture. I'll save that for later. Perhaps by then I will have gained more understanding.
God bless you.