How would an ngBindCompile directive be written?

How would a directive that is similar to ngBindTemplate be written, where instead of taking a string which is the template, it takes a variable that contains the template? i.e.:

Existing:

ng-bind-template="{template}"

To write:

 ng-bind-compile="var"

where var="{template}"

Thanks in advance!

Here is how that could be done using $compile in the context of the directive's parent scope:

app.directive('ngBindCompile',function($compile){
    return {
        scope:{
            template: '=ngBindCompile'
        },
        link: function(scope,element,attrs){
            var html = '<div>' + scope.template + '</div>';
            var compiled = $compile(html)(scope.$parent);
            element.replaceWith(compiled);
        }
    }
});

Here is a fiddle