Word of Faith (also known as Word-Faith or simply Faith), is a teaching movement kindred to many Pentecostal and Charismatic churches and individuals worldwide. The basic doctrine preached is that of salvation through Jesus Christ and what that “Salvation” entails. It is based on Jesus of Nazareth’s teachings concerning the Kingdom of God and the Kingdom of Heaven and the state man can receive through the atonement and sacrifice of Jesus Christ. This state of new being or creation (Found in the Biblical passages 2 Corinthians 5:17 and Galatians 6:15 (Spirit, Soul and Body) can be received only through faith in the Word of God.
It diverges from traditional Christian denominations in that it emphasizes speaking, stating, or confessing verses found in the Bible, called the Word of God. The belief is that if one believes the Word of God and confesses it then the believer shall receive what they confessed. This act of believing and speaking is described by Jesus of Nazareth in Mark 11:22 and 23. The term itself “Word of Faith” is derived from the Biblical passage Romans 10:8 which speaks of “the Word of Faith that we preach.”
“What I confess, I possess.” becomes “Say it; do it; receive it; tell it.”
The Word of Faith teaches that complete healing (Spirit, Soul, and Body) is included in Christ’s atonement, and therefore is available here and now to all who believe. Frequently cited is Isaiah 53:5: “By his stripes we are healed.” and Matthew 8:17, which says that Jesus healed the sick so that “it might be fulfilled which was spoken by Isaiah the Prophet, ‘Himself took our infirmities, and bore our sicknesses’.”
Because Isaiah speaks in the present tense (“we are healed”), Word of Faith teaches that believers should accept the reality of a healing that is already theirs. Accepting this healing is done by confessing the verse or verses found in the Bible declaring they are healed (i.e. Word of Faith). It is not an act of denying the pain, sickness, or disease, but an act of receiving the gift mentioned in Isaiah 53:5. According to adherents, sickness is an attempt by Satan to rob believers of their divine right to total health.
Word of Faith teaching holds that God wants His people to be financially prosperous, as well as have good health, good marriages and relationships, and to live generally prosperous lives. Word of Faith teaches that God empowers His people (blesses them) to achieve the promises that are contained in the Bible. However, most Christian theologians view these teachings as heretical.
The recent trend is to include financial success within the definition of “prosperity” but not to limit it to financial success. Thus, good health is “prosperity in your body,” and a good marriage is “prosperity in your relationships,” etc. Financial success as a definition of prosperity would not be considered incorrect, merely incomplete.
Within the Word of Faith teaching, a central element of receiving from God involves “confession”. This doctrine is often referred to as “Positive Confession” or “Faith Confession” by practitioners and “Name it and Claim it” or “Blab it and Grab it” by detractors. Noted Word of Faith teachers have argued that God created the universe simply by speaking it into existence (Genesis 1), and that humans have been endowed with the ability [power] to speak things into existence. Thus, making a “positive confession” (by reciting a promise of Scripture, for example), generates power which enables things to come into fruition. This teaching is interpreted from Mark 11:22 and 23.Word of Faith preachers have likened faith to a “force”.
Likewise, according to Word of Faith teaching, “negative confession” can yield negative results, and hence believers should be conscious of their words. This is argued on the interpretation of Proverbs 18:21: “Life and death are in the power of the tongue, and they that love them will eat the fruit thereof”, also Numbers 14:28 “…saith the Lord, as you have spoken in my ears, so will I do” among other scriptures.
– from Wikipedia