The mind of a wizard is more open to the more esoteric elements of his surroundings - this is why he is able to perceive the weave of the Great Tapestry that is the multiverse, and pull at the strings. This increased sensitivity can manifest in several ways.
The religion believes in reincarnation, but that you will be reborn in the past. People of today are those re-born of tomorrow, with some discarded as trash. The most pure will be eventually reborn in the mythical paradise-like past, where people lived for hundreds, or maybe even thousands of years.
This goes nicely with beliefs into foresight (you know a little about the future because you have been there), but also to many complaints of how things are going always from bad to worse.