Why doesn't the Arab League take the lead in imposing a no-fly zone in Libya?

Surely, Egypt being on the eastern border with Libya doesn’t want to see a humanitarian crisis with Qaddafi bombing major population centers and committing genocide against his own people. It would drive huge waves of refugees over their border and potentially destabilize Egypt at a time when they are struggling to rebuild orderly government on the heals of Mubarak’s departure. Egypt has US F-4E Fighter Bombers, F-16C & D multiple fighters, Chinese F-7B interceptors and F-7M multiple fighters.

In addition, Saudi Arabia has a strong air force with F-15SA, C and D fighters, F-15S Strike fighters, F-5E and F fighters, British Tornado IDS ground attack, Tornado ADV fighters, and Eurofighter Typhoon F-3 fighters.

Other Arab states have equally sophisticated fighters and fighter bombers in lesser numbers. If the Arab League took the lead, the US or EU could supply AWACS for air traffic control, satellite positioning and targeting support.

It seems to me that, when the almost certain collateral damage occurs, the Arab League being in the lead would be a great advantage. Since nobody wants to see a wholesale massacre of innocent civilians in Libya just so a corrupt dictator can cling to power, why hasn’t this be floated as a possible solution? Perhaps if it were, and Qaddafi thought it might be imminent, he would arrange safe passage out of Libya to save his hide. What do you think?