First of all ,Quran Torah and Gospel have much similarities in common than they have peculiarities and as muslims we have to believe in this books.
In Surat "A'li Imrān"(3:3) and (3:4), we read :
نزل عليك الكتاب بالحق مصدقا لما بين يديه وأنزل التوراة والإنجيل من قبل هدى للناس وأنزل الفرقان إن الذين كفروا بآيات الله لَهُمْ عَذَابٌ شَدِيدٌ وَاللّهُ عَزِيزٌ ذُو انتِقَامٍ
Also Quran says :
The messenger believeth in that which hath been revealed unto him from his Lord and (so do) believers. Each one believeth in Allah and His angels and His scriptures and His messengers - We make no distinction between any of His messengers - and they say: We hear, and we obey. (2:285)
So,on the one hand, we should believe in Bible.
On the other hand,it turns out that There is a problem for muslims when they try to read the Bible;indeed,the Bible was falsified or at least not well "maintained"... When reading books such as the new Testament or other similar books you don't know what is true and what is false (i mean what was falsified and what is kept as it was). If one muslim that is not aware of such fact,it can be misled or even worse,dismayed in his belief.
That is the reason why The Hadith explicitly prohibits reading such books :
عن جابر بن عبد الله رضي الله تعالى عنه: أن عمر بن الخطاب -رضي الله تعالى عنه- أتى النبي -صلى الله عليه وسلم- بكتاب أصابه من بعض أهل الكتب، فقرأه النبي -صلى الله عليه وسلم- فغضب فقال: أمتهوكون فيها يا ابن الخطاب، والذي نفسي بيده لقد جئتكم بها بيضاء نقية لا تسألوهم عن شيء فيخبروكم بحق فتكذِّبوا به، أو بباطل فتصدقوا به، والذي نفسي بيده، لو أن موسى -صلى الله عليه وسلم- كان حيا ما وسعه إلا أن يتبعني أخرجه الإمام أحمد في المسند.
Even more, if these books were not falsified they are nonetheless obsolete as superseded by the Quran.
ما فرطنا في الكتاب من شيء
We have not neglected in the Register a thing. (6:38)
But if one muslim that is aware and well-acquainted read carefully this book he will gain faith in God.
Either way ,it turns out that we need to read such books for an important reason : to disprove and refutate the arguments advanced by the enemies of Islam by using arguments drawn from their own books (by "enemies" i mean those who hates Islam ) !
Didn't hear about "Ahmed deedat" ? this guy is an expert in how to use Bible to make Islam spread more and more !
So we can read these books but we have to be careful .